Czech Prime Minister Bohuslav Sobotka announced a proposal on 14 February 2017 to introduce a four-tiered bank tax that would be levied in addition to the standard corporate tax (19%). The tax would be based on asset value, with a top rate of 0.3% for banks with assets over CZK 300 billion. It would apply for both domestic and foreign owned banks in the Czech Republic. The likelihood of the proposal going through will depend in large part on the Prime Minister's Social Democratic Party winning elections that will be held in October.