Lower house moves to tax profits of large multinational companies

The lower house had approved a bill that will tax the profits of large multinational companies that are based abroad but operate in the Czech Republic. The so-called equalization tax, which is in line with European legislation, is due to come into force as of January 1, 2024. The bill still needs to be passed by the Senate and signed by the president. The government expects it to bring about CZK 2 billion a year to state coffers.