As global inflation drops, countries return to indirect tax rises
Following two years of inflation VAT cuts, jurisdictions around the world are returning to VAT rises. The reverses a trend plotted by the OECD VAT survey, which reflected governments using VAT cuts to prop-up their economies during COVID and the inflation crises.
Major standard VAT rises from 1 January 2024 include:
Switzerland 0.4% 8.1%
Luxembourg 1% to 17%
Estonia 2% to 22%
Liechtenstein 0.4% 8.1%
Lebanon 4% to 18%
Singapore 1% to 9%
Sri Lanka 3% to 18%
Laos 3% to 10%
Antigua 2% to 17%
Tajikistan cut to 14%
Check all 2024 VAT changes in our live tracker.
