An amendment passed by the Czech parliament will cut corporate income tax from 31 % to 24 % by the year 2006. The tax is expected to save companies CZK 33.5 bn over the next three years.
The amendment, part of the government's fiscal reform package, has been approved after modifications by the Senate and must now be signed by the president.
The bill calls for the gradual reduction of the tax - from 28 % in January 2004, to 26 % in January 2005, to 24 % in January 2006.
Source: Interfax
