{"id":7361,"date":"2019-12-12T00:00:00","date_gmt":"2019-12-11T23:00:00","guid":{"rendered":"https:\/\/www.rozpoctovarada.cz\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/"},"modified":"2022-12-16T13:51:50","modified_gmt":"2022-12-16T12:51:50","slug":"draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc","status":"publish","type":"post","link":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/","title":{"rendered":"DRAFT BUDGET SHOULD OPERATE ONLY WITH INCOME BASED ON ALREADY APPLICABLE LAWS, NOTES THE CFC"},"content":{"rendered":"\n<p>On Wednesday 4 December, the Czech Fiscal Council (CFC) issued <a href=\"https:\/\/unrr.cz\/wp-content\/uploads\/2019\/12\/Statement-of-the-Czech-Fiscal-Council-of-4-December-2019.pdf\">its regular quarterly opinion on the development of public sector finances and the set-up of fiscal and budgetary policy.<\/a><\/p>\n\n\n\n<p>Among other things, it points to\nproblematic aspects in the approval of the 2020 government budget, as the budget bill counts on certain income, the\nattainment of which is conditioned on the enactment of other acts (known as the\ntax package).&nbsp; But those had not been\napproved at the time of deliberations on the government budget and, given the\nduration of the legislative process, there is a risk that they will not come\ninto force as at 1 January 2020. <\/p>\n\n\n\n<p>Hence,\nthe government budget may be approved counting on income that will, in the end,\nnot be collected, as the relevant acts may not be enacted, or changes made\nduring the deliberations may have a negative impact on the expected\ncollection.&nbsp; According to the CFC, it is\nalso important to mention the adverse effect on taxpayers who are exposed to\nuncertainty with respect to their obligations starting from 1 January 2020 and\ndo not have time sufficient to prepare for the new conditions.&nbsp; <\/p>\n\n\n\n<p>Furthermore,\nin its opinion, the Council draws attention to the fact that this year is not\nthe first in which such problems occur.&nbsp;\nHence, from its point of view, it seems appropriate to adopt a\nregulation governing this part of the budget process that would ensure that the\ndraft budget only operate with tax income that is based on already applicable\nlaws.&nbsp; Inspiration may be sought in other\nEU states (Sweden, United Kingdom).<\/p>\n\n\n\n<p>As for\n2019 tax proceeds, the CFC expects in its opinion that collection in the\nplanned amount will not be attained at the end of the year with respect to some\nof them.&nbsp; According to the Czech Fiscal\nCouncil, the results of government budget performance at the end of November\n2019, published by the MF \u010cR, indicate that the planned values will probably\nnot be achieved in VAT and social security insurance premiums, but only in\nterms of CZK billion in single digits.&nbsp; The\naggregate difference between taxes collected and the planned values at the end\nof the year can be expected not to exceed 1% of planned tax income.<\/p>\n\n\n\n<p>Hence,\nthe Council notes that the overall balance of the 2019 government budget will\ndepend primarily on the scope of capital expenditure draw-down, which may\nexceed the planned values, if claims from unconsumed expenditures are involved\nto a significant degree, as they were last year.<\/p>\n\n\n\n<p>For 2020,\nit expects the economy to further decelerate, to approximately 2%, which will\nstill be a very good result in the European context.&nbsp; This outlook is, however, burdened by\nuncertainty.&nbsp; A negative surprise has\ncome primarily in the form of new data on household consumption, which,\nhowever, only confirmed the weakening of consumer sentiment, which has been\nongoing for many months.&nbsp; On the other\nhand, despite the continuing foreign risks, leading indicators abroad have\nrecently been improving, but this has not yet been reflected in the expectations\nof Czech businesses.<\/p>\n\n\n\n<p>The\nCFC considers the neutral nature of the Czech Republic\u2019s fiscal policy for\n2020, expected by the Ministry of Finance, to be optimal in macroeconomic\nterms.&nbsp; Even though there is a gradual slowdown\nin the rate of GDP growth, and this trend will continue in 2020 according to\nmost macroeconomic predictions, the Czech economy will still be slightly above\nthe potential product.&nbsp; Any fiscal\nstimulation would thus encounter a shortage of disposable resources, especially\non the labour market, where the unemployment rate reaches extremely low\nvalues.&nbsp; On the other hand, it is not\nappropriate, according to the CFC, to perform any fiscal restrictions at this\ntime, as they may have an adverse impact on the expectations of economic\nentities.<\/p>\n\n\n\n<p>In its opinion, the Czech Fiscal Council again draws attention to foreign risks, the materialisation of which would affect primarily the industrial sector and pose a threat to the maintenance of dynamism of economic growth at around 2%.&nbsp; As in its <a href=\"https:\/\/unrr.cz\/wp-content\/uploads\/2019\/11\/Statement-of-the-Czech-Fiscal-Council-of-4-September.pdf\">previous opinion, from September 2019,<\/a> the CFC holds that the government should prepare a specific form of fiscal stimulation for the economy, in the event that extreme risks materialise and a further loss in the dynamism of economic growth occurs. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Wednesday 4 December, the Czech Fiscal Council (CFC) issued its regular quarterly opinion on the development of public sector finances and the set-up of fiscal and budgetary policy. Among other things, it points to problematic aspects in the approval of the 2020 government budget, as the budget bill counts on certain income, the attainment&#8230;<\/p>\n","protected":false},"author":3,"featured_media":7106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-7361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-publications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DRAFT BUDGET SHOULD OPERATE ONLY WITH INCOME BASED ON ALREADY APPLICABLE LAWS, NOTES THE CFC | N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DRAFT BUDGET SHOULD OPERATE ONLY WITH INCOME BASED ON ALREADY APPLICABLE LAWS, NOTES THE CFC | N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada\" \/>\n<meta property=\"og:description\" content=\"On Wednesday 4 December, the Czech Fiscal Council (CFC) issued its regular quarterly opinion on the development of public sector finances and the set-up of fiscal and budgetary policy. Among other things, it points to problematic aspects in the approval of the 2020 government budget, as the budget bill counts on certain income, the attainment...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/\" \/>\n<meta property=\"og:site_name\" content=\"N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/narodnirozpoctovarada\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-11T23:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-16T12:51:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/unrr.brilo.work\/wp-content\/uploads\/2022\/12\/Statement-4-DEcember.png\" \/>\n\t<meta property=\"og:image:width\" content=\"391\" \/>\n\t<meta property=\"og:image:height\" content=\"558\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"NRR\/UNRR\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@rozpoctova_rada\" \/>\n<meta name=\"twitter:site\" content=\"@rozpoctova_rada\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"NRR\/UNRR\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"DRAFT BUDGET SHOULD OPERATE ONLY WITH INCOME BASED ON ALREADY APPLICABLE LAWS, NOTES THE CFC | N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/","og_locale":"en_US","og_type":"article","og_title":"DRAFT BUDGET SHOULD OPERATE ONLY WITH INCOME BASED ON ALREADY APPLICABLE LAWS, NOTES THE CFC | N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada","og_description":"On Wednesday 4 December, the Czech Fiscal Council (CFC) issued its regular quarterly opinion on the development of public sector finances and the set-up of fiscal and budgetary policy. Among other things, it points to problematic aspects in the approval of the 2020 government budget, as the budget bill counts on certain income, the attainment...","og_url":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/","og_site_name":"N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada","article_publisher":"https:\/\/www.facebook.com\/narodnirozpoctovarada","article_published_time":"2019-12-11T23:00:00+00:00","article_modified_time":"2022-12-16T12:51:50+00:00","og_image":[{"width":391,"height":558,"url":"https:\/\/unrr.brilo.work\/wp-content\/uploads\/2022\/12\/Statement-4-DEcember.png","type":"image\/png"}],"author":"NRR\/UNRR","twitter_card":"summary_large_image","twitter_creator":"@rozpoctova_rada","twitter_site":"@rozpoctova_rada","twitter_misc":{"Written by":"NRR\/UNRR","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/#article","isPartOf":{"@id":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/"},"author":{"name":"NRR\/UNRR","@id":"https:\/\/www.rozpoctovarada.cz\/en\/#\/schema\/person\/66fe9081747f030d761470dcde5b0257"},"headline":"DRAFT BUDGET SHOULD OPERATE ONLY WITH INCOME BASED ON ALREADY APPLICABLE LAWS, NOTES THE CFC","datePublished":"2019-12-11T23:00:00+00:00","dateModified":"2022-12-16T12:51:50+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/"},"wordCount":725,"commentCount":0,"publisher":{"@id":"https:\/\/www.rozpoctovarada.cz\/en\/#organization"},"image":{"@id":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rozpoctovarada.cz\/wp-content\/uploads\/2022\/12\/Statement-4-DEcember.png","articleSection":["Publications"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/","url":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/","name":"DRAFT BUDGET SHOULD OPERATE ONLY WITH INCOME BASED ON ALREADY APPLICABLE LAWS, NOTES THE CFC | N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada","isPartOf":{"@id":"https:\/\/www.rozpoctovarada.cz\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/#primaryimage"},"image":{"@id":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rozpoctovarada.cz\/wp-content\/uploads\/2022\/12\/Statement-4-DEcember.png","datePublished":"2019-12-11T23:00:00+00:00","dateModified":"2022-12-16T12:51:50+00:00","breadcrumb":{"@id":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/#primaryimage","url":"https:\/\/www.rozpoctovarada.cz\/wp-content\/uploads\/2022\/12\/Statement-4-DEcember.png","contentUrl":"https:\/\/www.rozpoctovarada.cz\/wp-content\/uploads\/2022\/12\/Statement-4-DEcember.png","width":391,"height":558},{"@type":"BreadcrumbList","@id":"https:\/\/www.rozpoctovarada.cz\/en\/draft-budget-should-operate-only-with-income-based-on-already-applicable-laws-notes-the-cfc\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Dom\u016f","item":"https:\/\/www.rozpoctovarada.cz\/en\/"},{"@type":"ListItem","position":2,"name":"DRAFT BUDGET SHOULD OPERATE ONLY WITH INCOME BASED ON ALREADY APPLICABLE LAWS, NOTES THE CFC"}]},{"@type":"WebSite","@id":"https:\/\/www.rozpoctovarada.cz\/en\/#website","url":"https:\/\/www.rozpoctovarada.cz\/en\/","name":"N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada","description":"Nez\u00e1visl\u00fd odborn\u00fd org\u00e1n vyhodnocuj\u00edc\u00ed zda st\u00e1t a dal\u0161\u00ed ve\u0159ejn\u00e9 instituce dodr\u017euj\u00ed pravidla rozpo\u010dtov\u00e9 odpov\u011bdnosti dan\u00e1 z\u00e1konem.","publisher":{"@id":"https:\/\/www.rozpoctovarada.cz\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rozpoctovarada.cz\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.rozpoctovarada.cz\/en\/#organization","name":"\u00da\u0159ad N\u00e1rodn\u00ed rozpo\u010dtov\u00e9 rady","url":"https:\/\/www.rozpoctovarada.cz\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rozpoctovarada.cz\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.rozpoctovarada.cz\/wp-content\/uploads\/2022\/11\/Logo-NRR_.png","contentUrl":"https:\/\/www.rozpoctovarada.cz\/wp-content\/uploads\/2022\/11\/Logo-NRR_.png","width":453,"height":211,"caption":"\u00da\u0159ad N\u00e1rodn\u00ed rozpo\u010dtov\u00e9 rady"},"image":{"@id":"https:\/\/www.rozpoctovarada.cz\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/narodnirozpoctovarada","https:\/\/x.com\/rozpoctova_rada","https:\/\/www.linkedin.com\/company\/unrr","https:\/\/www.youtube.com\/channel\/UCvBj3gmMv19MzBFnz3BDL4Q"]},{"@type":"Person","@id":"https:\/\/www.rozpoctovarada.cz\/en\/#\/schema\/person\/66fe9081747f030d761470dcde5b0257","name":"NRR\/UNRR","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/77746e038431a73758fc8b0f98cfda89a0a2913354ed3ae0279a290f4c29a33a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/77746e038431a73758fc8b0f98cfda89a0a2913354ed3ae0279a290f4c29a33a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/77746e038431a73758fc8b0f98cfda89a0a2913354ed3ae0279a290f4c29a33a?s=96&d=mm&r=g","caption":"NRR\/UNRR"}}]}},"_links":{"self":[{"href":"https:\/\/www.rozpoctovarada.cz\/en\/wp-json\/wp\/v2\/posts\/7361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rozpoctovarada.cz\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rozpoctovarada.cz\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rozpoctovarada.cz\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rozpoctovarada.cz\/en\/wp-json\/wp\/v2\/comments?post=7361"}],"version-history":[{"count":1,"href":"https:\/\/www.rozpoctovarada.cz\/en\/wp-json\/wp\/v2\/posts\/7361\/revisions"}],"predecessor-version":[{"id":7848,"href":"https:\/\/www.rozpoctovarada.cz\/en\/wp-json\/wp\/v2\/posts\/7361\/revisions\/7848"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rozpoctovarada.cz\/en\/wp-json\/wp\/v2\/media\/7106"}],"wp:attachment":[{"href":"https:\/\/www.rozpoctovarada.cz\/en\/wp-json\/wp\/v2\/media?parent=7361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rozpoctovarada.cz\/en\/wp-json\/wp\/v2\/categories?post=7361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rozpoctovarada.cz\/en\/wp-json\/wp\/v2\/tags?post=7361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}