6-month VAT rate cut to help soften inflation Cyprus is the latest EU state to cut electricity VAT rates. It will move domestic supplies of electricity from the standard VAT rate of 19% to the reduced rate of 9%. This will initially be for a
€26bn net gain to the economy during lockdown as standard rate cut from 19% to 16% in 2nd half of 2020 German’s controversial six-month 3% standard VAT rate cut to 16% may have worked contrary to received views by economists and VAT thought leaders. The
e-book VAT rate harmonised with paper equivalents The Council of the European Union has today agreed to permit member states to reduce the Value Added Tax rates on income from e-books and electronic publications. Previously, only printed books and press listed in Annex III of
Romania reverse crisis VAT cuts Romania completes the roll back of the crisis VAT rate cuts. Its standard VAT rate will drop from 20% to 19% on 1 January 2017. This follows the cut from 24% to 20% on 1 January 2015. During the height
The French government confirmed this week that the planned French VAT rise to 20% from 19.6% will go ahead on 1 January 2014. This will include the elimination of the 7% reduced VAT rate – with goods and services moving to either the 5.5% or 10% reduced
Euro currency crisis forces tax rises The Czech Republic has increased its Value Added Tax rate from 20% to 21% from I January 2013. It had only increased it to 20% from 19% in January 2010. The reduced VAT rate will also rise from 14%
Netherlands hit by financial and Euro crisis; forces VAT rise The Netherlands has raised its standard Value Added Tax rate from 19% to 21% from 1 October 2012. The comes as the country attempts to control its budget deficit and market confidence in the midst
Currency crisis forces tax rise Spain has become the latest European country to raise its standard Value Added Tax rate in the face of the worsen financial and Euro-currency crises. The rate will rise from 18% to 21% from 1 September 2012. Spain already had
Hungary has increased its standard Value Added Tax rate from 25% to 27% from 1 January 2012. This indirect tax rise is to help stabilise the government’s rising deficit with the aftereffects of the 2007/08 financial crisis and the ongoing Euro currency crisis. The reduced
Ireland tax rises to support Corporate Tax rate Ireland has increased its standard Value Added Tax rate from 21% to 23% from 1 January 2012. This follows the major economic dip suffered following the 2007/08 financial crisis and subsequent Euro currency crisis. The main reduced
