VAT rate will increase in the Czech Republic in 2012

VAT rate will change in the Czech Republic. The three coalition parties have agreed in the details last week.

Under the agreement, the current 19, and 10 percent VAT rates will be modified to 20 and 14 percent from the 1st of January 2012 and from January 2013 a single flat-rate VAT would be introduced of 17.5 percent – reports Világgazdaság Online.