The Czech Ministry of Finance has announced the approval of the Tax Package for 2021 on 22 December 2020. Some of the key measures of the package concern individual income tax and depreciation. With respect to individual income tax, the main change is the replacement of the 7% solidarity contribution with a new higher tax rate, resulting in the following brackets: Annual income up to 48 average wages - 15% Annual income over 48 average wages - 23% The average wage will be increased to CZK 35,441 for 2021, meaning the higher rate bracket threshold will be CZK 1,701,168. In...