Czechs, world's top beer drinkers, may get even cheaper brew

PRAGUE, Czech Republic -- The Czechs, the biggest beer consumers in the world, could soon have a reason to drink even more after the finance minister proposed lowering tax on the drink by more than half.

See Full Article

Finance Minister Andrej Babis is proposing to cut the value added tax on draft beer to 10 per cent from 21 per cent. Babis says the measure is meant to soften the opposition to another plan currently debated by Parliament for a mandatory electronic registration of all sales.

Babis said Tuesday: "It's not a populist proposal. It makes sense."

Not everyone in the three-party government agrees with the proposal, though.

Prime Minister Bohuslav Sobotka says it goes against his government's strategy to lower the consumption of alcohol. His Social Democrats would prefer to lower the tax on basic food.



Advertisements

Latest Economic News

  • Pfizer fined for hiking epilepsy drug price 2,600 per cent in U.K.

    Economic CTV News
    LONDON -- British regulators fined U.S. drugmaker Pfizer and distributor Flynn Pharma a record 89.4 million pounds ($112.7 million) Wednesday for increasing the cost of an epilepsy drug by as much as 2,600 per cent. Source
  • PrivateBancorp delays shareholder vote on takeover deal with CIBC

    Economic CTV News
    TORONTO -- PrivateBancorp Inc. is delaying a shareholder vote on a proposed takeover of the company by Canadian Imperial Bank of Commerce (TSX:CM) that was set for Thursday. The U.S. bank, which says it remains committed to the deal, says a new date for the meeting is expected to be set for early in the first quarter of next year. Source
  • Thousands of Bangladesh kids working 64 hours a week: study

    Economic CTV News
    DHAKA, Bangladesh -- Thousands of Bangladeshi children who live in the capital's slums are working illegally for an average of 64 hours a week, with many employed by the garment industry making clothing for top global brands, according to a report released Wednesday. Source
  • Dollarama reports third-quarter profit and sales up from year ago

    Economic CTV News
    MONTREAL -- Dollarama Inc. (TSX:DOL) saw its third-quarter profit grow to nearly $110.1 million compared with nearly $100.1 million in the same quarter a year ago. The retailer says the profit amounted to 92 cents per diluted share, up from 78 cents per diluted share a year a year ago when it had more shares outstanding. Source
  • NHL to move to new 67-storey tower on Manhattan's west side

    Economic CTV News
    NEW YORK -- The National Hockey League is moving its headquarters to a 67-storey office tower under construction on Manhattan's west side. Developer Brookfield Property Partners announced Wednesday the NHL will move from its current location in midtown to the tower that will be known as One Manhattan West. Source
  • EU fines 3 banks $520 million over rate market rigging

    Economic CTV News
    BRUSSELS -- European Union regulators on Wednesday fined banks JPMorgan Chase, HSBC and Credit Agricole a combined $520 million for colluding to manipulate the price of financial products linked to interest rates. EU antitrust Commissioner Margrethe Vestager said the banks illegally exchanged sensitive information and colluded to make big profits in the market on the specialized financial products. Source
  • Consumer debt and delinquency rates climb in third quarter: Equifax

    Economic CTV News
    TORONTO - A new Equifax Canada report says low interest rates and falling oil prices drove up consumer debt and delinquency rates in the third quarter. The credit reporting agency found that average debt increased by 3.6 per cent to $22,081 in the quarter ended Sept. Source
  • Bank of Canada to make final interest rate announcement of the year

    Economic CTV News
    OTTAWA - The Bank of Canada is set to make its last interest rate announcement of the year today. The central bank is widely expected to keep its interest rate target set at 0.5 per cent, where it has been since July 2015. Source
  • Asian stocks mostly higher on record Dow, telecom news

    Economic CTV News
    TOKYO -- Asian markets were mostly higher Wednesday, cheered by gains on Wall Street and optimism about the telecommunications industry. KEEPING SCORE: Japan's benchmark Nikkei 225 rose 0.5 per cent to 18,454.92 in morning trading. Source
  • Mother settles JetBlue lawsuit after son flown to wrong city

    Economic CTV News
    NEW YORK -- A New York City woman has agreed to settle her lawsuit against JetBlue Airways after it mixed up her 5-year-old son with another boy and flew him to the wrong city. Maribel Martinez's lawyer announced the settlement on Tuesday, saying the matter was resolved amicably. Source