On 23 July 2014, the Czech lower chamber of parliament approved the bill amending the VAT law. The amendment introduces a reduced VAT rate of 10% on medicines, books and essential child nutrition. Currently the Czech Republic's standard rate of VAT is 21%. A 15% reduced rate applies to foodstuffs, public transport, water and air transport, and non-alcoholic beverages among others. A single unified VAT rate of 17.5%, which was to apply from 1 January 2016, is repealed by the bill. The bill must now be approved by the senate and signed by the president. Its provisions are expected to...