In the first quarter, the state collected more in taxes than last year

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VAT has traditionally been the main tax revenue of the state. 131.4 billion crowns were withdrawn from it, i.e. 8.4 billion crowns more than last year. Compared to other taxes, however, collection grew more slowly, the year-on-year increase was 6.8 percent.

The collection of corporate income tax grew the fastest, increasing by 15.1 percent year-on-year to 61.7 billion crowns.

Companies operating in the energy and petrochemical industries and large banks also paid a quarterly advance of tax on extraordinary profits (so-called windfall tax) of 13 billion crowns. Last year, the first advance windfall tax was paid for a total of three quarters, and 39.1 billion crowns were collected from it throughout the year.

Banks that will pay the windfall tax saw their profits drop by 5.6 billion last year

Economy

Personal income tax collection increased by 11 percent to 63 billion crowns. The state collected 38.8 billion crowns in consumption tax, which meant a year-on-year increase of 11.7 percent.

Tax collection from gambling increased by 6.6 percent to 5.1 billion crowns. On the other hand, the levy on excess income from electricity production, which was applied last year and amounted to 8.2 billion crowns for the first quarter, was dropped from the state’s income.

The state budget alone received 224.4 billion crowns in tax revenues excluding social security contributions in the first quarter, 14.1 percent more than in the same period in 2023. The budget deficit at the end of March reached 105 billion crowns, making it the third deepest in the existence of the Czech Republic. Last year, the deficit for the first quarter was a record 166.2 billion crowns.

Some taxes are so-called shared taxes. These include, for example, VAT, corporate income tax or personal income tax. Their revenues thus go to the state budget and to the coffers of cities and regions.

As of this year, regions account for 9.76 percent and municipalities for 24.92 percent of the national gross revenue from VAT, corporate income tax and personal income tax. Municipalities are entitled to an additional 1.5 percent of the total collection for personal income tax. Property tax is 100% revenue of municipalities.

The budget deficit rose to 105 billion

Economy

The article is in Czech

Tags: quarter state collected taxes year

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