The income tax in the Czech Republic is the same for both the natives and the foreigners. It shall be charged as per the fixed rate of 15%. The base for such accruals shall be financial contributions, such as:
- deposits income and so on
For individuals with the salary less than 10 000 korunas per month, the rate shall be 0%.
It is worth mentioning that the income tax shall be charged only for the amount exceeding 10 000 korunas. This amount shall be deemed as the minimum value exempt from any deductions to be paid to the state.
The following shall be entitled to have some preferences:
- students working part-time;
- low-income families;
- parents raising a physically disabled child;
- multi-member families;
- pensioner and so on.
In addition to the above mentioned, both the Czech and the foreigners shall make the following payments:
- joint payments – 7% of the income exceeding 1 200 000 korunas per year;
- health insurance – 13.5%;
- social – 31.5%;
- inheritance – 0.5-40%;
- transport – to be calculated individually depending on the type of the vehicle engine;
- for radio and television – about 180 korunas.
Five years ago, payments to the budget when making a gift were canceled in the country.
Real estate tax shall be paid by the buyer; it shall be 4% of the transaction amount. If housing accommodations are purchased at the primary market and five years have not passed since the object was commissioned, then a zero rate shall be applied.
Deductions to be paid as a result of selling an apartment, a house or commercial property shall be calculated as per the formula– ((2 koruna*per every square meter) *1.22)*local coefficient.