Czech Republic creates tax-deductible book allowance for employees
In the Czech Republic, the government has introduced a new tax law that allows companies to offer tax-deductible book vouchers to employees, reports Publishing Perspectives.
In effect since 1 January 2018, the new law is expected to boost the country’s book sales significantly, and the Prague-based Czech Booksellers’ and Publishers’ Union (SČKN) says the change could make books more affordable to lower-income readers.
‘As a result of this legislative change, we expect a long-time, positive effect [that will impact] the book market’, said SČKN chairman Martin Vopěnka, adding that a ‘two- to three-percent rise’ in annual sales was expected.
The Czech publishing industry reported sales of 7.8 billion koruna (A$471.2 million) in 2016—an increase of four percent compared to the previous year—according to a SČKN market report. The new development could spur on additional sales of between 156 million koruna (A$9.4 million) and 234 million koruna (A$14.1 million) annually, based on SČKN estimates.
Category: International news