We bring you the 31st episode of the economic podcast MakroMixér by Jan Bureš and Robert Brešťan. Their guest is Martin Jahoda, CEO and majority owner of the food company Emco.
This episode is about, for example?
what it’s like to take over a family business, what the advantage is of supplying to the American Walmart, how to deal with retail chains, and why even a Czech company should be interested in the rampage of Yemeni pirates.
Jan Bureš is the Chief Economist of Patria Finance and a chinese overseas australia database Senior Economist at KBC/ČSOB. In 2020, he worked in the Economic Advisory Team at the Government Crisis Staff. Previously, he was also a member of the Advisory Board of Economists at the Ministry of Finance assessing the impacts of the adoption of the euro on the economy of the Czech Republic. He is, among other things, a co-author of the publication Monetary Integration – Costs and Benefits of Membership in the Monetary Union. He prepares economic discussions for clients of the ČSOB Group under the title Morning Coffee with Jan Bureš.
Entrepreneurs will face a number of tax changes in 2024. The new changes, which are part of the so-called consolidation package, concern both individuals and legal entities. To help you navigate the tax issues for 2024 as best as possible, we have prepared a clear guide to tax obligations and new developments.
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Increase in the minimum wage, flat taxes and social and health insurance contributions
In 2024, as every year, there will be an increase in the minimum wage, flat tax, and also minimum social and health insurance contributions. The minimum contributions are based on the average wage, which increases annually. However, in 2024, there will be a more drastic increase in social insurance contributions due to a change in the method of calculating the assessment base .
The consolidation package also abolished or limited some tax breaks for individuals. The following have been completely abolished :
kindergarten fees
student discount.
>The amount of the tax credit for the spouse remains the how consumer behavior influences marketing strategy same, i.e. CZK 24,840 (CZK 49,680 if the spouse holds a ZTP/P card). The condition of the spouse’s total annual income of up to CZK 68,000 is maintained, but a new condition has been added: supporting a child under the age of three in the common household.
The basic tax credit for taxpayers remains the same in 2023, at CZK 30,840. The discount for disabled pensioners and holders of ZTP/P cards, as well as the tax benefit for children, also remain unchanged.
In addition, some tax deductions are also being abolished :
deduction for union membership fees,
deduction for payment of exams verifying the results of further education.
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Changes in the calculation of personal income tax
The personal income tax rates remain the same, i.e. 15 and 23%. However, the income threshold above which the progressive 23% tax rate applies is changing , from four times to three times the average wage .
From January 2024, a new income limit of CZK 1,582,812 per year, or CZK 131,901 per month , will apply . This limit applies to both employees and self-employed persons, and the higher tax rate applies only to the portion of income exceeding this limit.
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. For 2024, benefits will therefore only be thailand data exempt from taxes up to CZK 21,938. If employees use up a higher value of benefits during the year
TIP : There are more changes in the area of employee benefits. Read our article about employee benefits in 2024 .
Real estate tax
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