|The Czech central budget deficit narrowed by 27.1% y/y to CZK 16.6bn (EUR 671mn) in the first two months of 2012 mainly thanks to higher tax revenue, the finance ministry said. The two-month shortfall reached 15.8% of the full-year plan. In February alone, the budget swung into a gap of CZK 37.5bn from a surplus of CZK 21bn in the previous month. Total budget revenue in January to February rose by 6.2% y/y to CZK 167.5bn and expenditures edged 1.9% higher to 184.02bn. Revenue from taxes increased by 9.2% y/y to CZK 77.3bn, driven by higher collection of excise and value-added taxes. VAT collection improved by 6.3% y/y to CZK 29.2bn and excise tax revenue advanced by nearly 14% to CZK 26.5bn, while revenue from corporate income tax declined by CZK 0.2bn y/y to CZK 1bn. The 2012 budget envisages a 4% y/y growth in corporate income tax revenue, a 15.5% increase in VAT revenue and a 2.2% y/y increase in revenue from excise tax.
Social Democrats (CDDS), the major Czech opposition party, proposed next year's general and European elections to be held on the same day, CTK news agency reported. CSSD leader Bohuslav Sobotka ... more
The Czech unit of UK retailer Tesco faces a fine of up to CZK 3mn (EUR 116,000) for selling beef lasagne containing undeclared horsemeat, Radio Prague reported. The state-run Agricultural and Food ... more
The upper house of the Czech parliament, the Senate, voted on March 20 a constitutional amendment to limit the immunity of lawmakers and constitutional judges, Radio Prague reported. Out of the ... more