Banking Association proposes CZK 50 billion alternative to windfall tax

The Czech Banking Association announced on Thursday that it is offering to support through a wide range of measures that could bring in up to CZK 50 billion for the state as an alternative to the government’s planned windfall tax, within which the banking sector is included. The proposed measures include supporting the affordability of housing, the financing of the State Fund for Transport Infrastructure (SFDI), helping citizens cover their financial obligations, investing into state digitisation targets and cooperation with the country’s National Development Bank.

The Finance Ministry has not yet issued a statement in response. It is hoped that the windfall tax will bring in around CZK 70 billion into the state budget.