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Stay Informed: Key Health & Benefits Updates for the Czech Republic in 2023 and 2024

Petra Petrů

< 1 Min Read

As we navigate towards the end of 2024, we take a look at several important legislative updates in the Czech Republic in the last year.

As we navigate towards the end of 2024, we take a look at several important legislative updates in the Czech Republic in the last year. Staying informed about these changes is crucial for both employers and employees to ensure compliance and make the most of available benefits.

Recent Changes to be Aware Of:

Comprehensive Medical Insurance for Foreigners: Starting from 20th September 2023, foreigners in the Czech Republic can arrange travel and medical insurance with any authorised insurance company. The indemnity limit has increased from EUR 60,000 to EUR 400,000.

Consolidation Package: Effective from 1st January 2024, this package adjusts 65 laws, including changes to the VAT system, corporate income tax, property taxes, and more.

  • VAT system changes, with food taxed at 12% and some services at 21%.
  • Corporate income tax rate increase from 19% to 21%.
  • Introduction of a 0.6% employee sickness insurance levy.
  • Reduction in maximum state support for building savings.
  • Annual highway toll sticker price increase from CZK 1,500 to CZK 2,300.
  • Legal allowance for companies to keep accounts in foreign currencies.
  • Cap on expenses for non-financial benefits, making them tax deductible under certain conditions.

Pension Plan Adjustments: From January 2024, the minimum savings amount for state allowance will increase, and the minimum savings period will extend to 10 years for new contracts.

New Long-Term Investment Product: A tax-supported long-term investment product will be introduced, allowing banks and investment companies to offer these services1.

Tax Support Adjustments: The total limit for tax-supported old-age savings products will increase to CZK 48,000 per year per taxpayer.

Keeping up with these legislative changes is essential. For more information contact our team.

Petra Petrů

Employee Benefits  

T +420 735 175 613

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