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Czech Premier Sticks to Tax Plan to Cut Deficit, CTK Says

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Aug. 14 (Bloomberg) -- The Czech Republic needs to stick to the government’s proposed fiscal measures to cut the deficit to below the European Union’s limit of 3 percent of economic output next year, CTK newswire said, citing Premier Petr Necas.

The lower house of parliament approved in July a government bill raising the value-added tax rates and creating a new tax bracket for higher earners.

The upper house, controlled by the opposition Social Democrats who are against the changes, is likely to reject the proposed legislation at a session starting tomorrow. The lower house may overturn the Senate’s vote in a new ballot.

To contact the reporter on this story: Peter Laca in Prague at placa@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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