Czech government planning to tax profits of large multinational companies

The Czech government is planning to tax the profits of large multinational companies that are based abroad but operate in this country. The proposed draft law on tax equalization was approved by the cabinet on Wednesday and Finance Minister Zbyněk Stanjura said he would like to see it approved in a fast-track procedure. The proceeds for the state budget could be up to CZK 6 billion if the current corporate tax rate of 19 percent remains unchanged. The opposition ANO party has said it will support the bill, but is against a fast-track procedure, saying it wants time to table proposed amendments to the bill.