published: 09.09.2013, 15:28 | updated: 09.09.2013 15:35:59
Prague - The people who acquire some real estate worth more than ten million crowns in a single year should submit property statements and prove where they got the money for it, this is the idea of Czech Social Democrats (CSSD), party leader Bohuslav Sobotka told journalists today.
When it comes to some things such as cars and aircraft as well as securities and shares, the limit to submit the property statement should be two million crowns, Sobotka said.
Social Democrats want to have the legislation passed if they rule after the late October early election, Sobotka said.
If the people are unable to prove where they earned the money, they would pay a 100 percent tax on the given sum, he added.
Sobotka said the duty should not be applied retroactively and it should only be valid as of 2015.
It would also relate to the possession of cash beyond a certain level. The main objective is to reduce money laundering, Sobotka said.
He said tax offices should be allowed to ask the acquirers within five years after they get the property to explain how they acquired the means for it.
The latest CSSD ideas are somewhat stricter than the two proposals the former opposition party submitted in the previous election term (2010-2013) .
The former wanted to introduce the limit of five million crowns for securities and 20 million for the real estate.
The latter reckoned with 15 million crowns for the real estate. Both proposals suggested the penalty tax of 76 percent.
The party also wants to combat tax evasion by the compulsory introduction of cash registers.
"The device is not only to increase the tax revenues, but also to better protect the consumers. It is hardly possible to lodge complaints without the bill," Social Democrat shadow finance minister Jan Mladek has said.
The conservative estimate of tax evasion puts it at about 150-200 billion crowns a year. The CSSD wants to curb it by roughly 40 billion crowns within two years.
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