New income tax law might enter into force by 2012

In related news, a new law on income tax could enter into force by 2012, Finance Minister Miroslav Kalousek said on Sunday. Mr Kalousek said it would simplify the calculation of tax base, and remove most of the current income tax exemptions. The ministry should come up with a bill early next year; if approved by the government and passed by Parliament, the new law would enter into force in January 2012.