Czech President calls on parliament to reject tax hike bill.

By bne IntelliNews September 4, 2012
The Czech President Vaclav Klaus has called on lawmakers to vote against the government's tax hike bill saying such a measure will further depress demand in the ailing economy, CTK newswire reported. The government seeks to raise both VAT rates by 1pp to 15% and 21%, respectively, as part of efforts to cut the budget gap to below the EU's limit of 3% of GDP next year. This will be the third VAT increase since the start of the economic crisis. Prime Minister Petr Necas said earlier that his government may quit if the plan is rejected. Klaus stopped short of saying whether he will veto the bill if approved by the lower house of the parliament but said he hoped "common sense will prevail". The parliament will start discussions on on the tax plan today (September 4). The bill was vetoed by the opposition-controlled Senate and now the centre-right coalition of Necas will need 101 votes in the 200-seat lower house to override the veto. The ruling coalition controls 100 votes.

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