Prague [Czech Republic], November 23: Czech President Petr Pavel signed the government's austerity budget package into law on Wednesday, a spokesman said, a move that prompted unions to promise a nationwide day of protest.
The legislation, which was approved by both chambers of parliament, is aimed at cutting spending by 150bn koruna (about $6.6bn) over the next two years.
Expenditure and subsidies are to be cut, while taxes on alcohol, cigarettes, mineral water and property are to be gradually increased. The package of measures increases the corporate income tax rate from 19 percent to 21 percent at the turn of the year. (DPA)
Source: Qatar Tribune