Construction to remain in 5-percent tax bracket as EU exemption is extended

The European Commission is going to extend until 2010 an exemption under which construction work in the Czech Republic is in the lower, five-percent value added tax bracket, the Czech Press Agency reported. The exemption had been due to come to an end in January, and there were fears of a subsequent rise in house prices. The EC is due to officially announce the news next week.

Author: Ian Willoughby