Czech drugs hit by VAT rise to 9%
The Czech Republic's Finance Ministry has proposed the increase of value added tax for drugs and other health care items from 5% to 9%. The rate for most goods is 19%. Miroslav Kalousek (Christian Democrat), Finance Minister, announced that the changes would be debated over the next few weeks.
The increases are aimed to assist the government reduce the budget deficit, which is a requirement for the Czech currency to merge with the euro. Opposition members of the Social Democratic party have called for the 5% VAT level to remain unchanged.
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