Huge tax increase for Czech rental income

Czechs who depend primarily on income generated by renting out flats or by trading stocks could see their taxes rise by tens of percent. The country's Ministry of Finance is preparing changes to the tax regime that would hit people whose income are freed from social and health insurance payment requirements. "The changes are part of a tax package that it's suggested should come into effect January 1 next year," according to the ministry's spokesman Michal Žurovec. The new tax package would see taxes for indvidiuals rise from 15 to 19 or 24 percent. At the same time, it would be possible under the ministry's proposal to write off (odecist) 75 percent of all social and health insurance payments.