After the velvet revolution in 1989 the process of reform began in the Czech Republic, with the former communist regime being replaced by a democratic system of government. During the last six years the framework for a market economy has been successfully established. One of the most important steps taken in 1993 was the implementation of a completely new tax system. Within the context of this tax system the following property taxes were introduced: the Real Estate Property Tax, Inheritance Tax, Gift Tax and Immovables Transfer Tax. Other direct taxes currently in place are the Road Tax and taxes on income and profits, i.e. Personal Income Tax and Corporate Income Tax. Indirect taxes introduced include taxes on goods and services, i.e. Value-Added Taxes and Excise Duties.