Economic policy
This section reports on economic policy initiatives of the Czech government, the EU, and other entities that have a direct impact on the competitiveness of the country. It also includes information on economic priorities of the AmCham and other leading associations.
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Spotlight issue
CSOB: Germany vs. Slovakia: Which demand helps the Czech economy more?
According to CSOB bank analysts, investors in the markets believe that governments are doing big things to restart the economy. And partially, they are right. Public finance deficits in the largest European economies, similarly to the Czech Republic, may reach around 10% of GDP this year. The problem is that behind much of the deficit there will be the net drop in tax revenue or measures to keep the temporarily “unemployed employees” at work – i.e. a smarter form of unemployment benefit. This does not mean that these measures do not count.
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Liberation package III postpones filing of tax returns and payment of tax
In Financial Bulletin No. 9, the Ministry of Finance has published a third liberation package, generally and under certain conditions waiving tax, interest, and penalties. Among other things, sanctions for the late filing of personal and corporate income tax returns for 2019 and for late tax payments shall be waived as long as the return is filed and the tax paid by 18 August 2020. This does not apply to taxpayers administered by the Specialised Tax Authority.
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Central and Eastern Europe: The worst seems to be behind us
CEE economies are bracing themselves for a slow recovery. But as unemployment is set to rise and high inflation isn't an issue any longer, more monetary easing is on the way. In FX, RUB prospects remain bright while CZK remains our favourite CEE low yielder. Poland central bank's aggressive steps should translate into a further steepening of PLN swap curve.
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