VAT news tagged as "Deficit"


Italy avoids 24% VAT

October 14th, 2016

Italy is presenting a draft 2017 budget which excludes a promised 2% VAT rise from 22% to 24%. In 2015, Italy committed to raising its VAT rate in 2017 if it failed to meet deficit reduction targets. Instead, the government hopes to renegotiate the stringent terms of its Euro-currency membership and avoid further extensive austerity …

Sri Lanka

Sri Lanka 15% VAT May 2016

April 15th, 2016

Sri Lanka has named 2 May as the latest date for a rise in its standard value added tax rate from 12% to 15%. The rise was last scheduled for 1 April. Part of the delay is due to the ongoing negotiations with the International Monetary Fund on new $1.5 billion debt financing. The VAT …


Poland cuts VAT from 23% to 22% January 2016

July 8th, 2015

On 8th July 2015, Poland’s government announced  plans to cut the standard Polish VAT rate from 23% to 22% from 1 January 2016.  The decision to bring forward the cut came about as Poland left the EU’s excessive budget deficit procedure recently.  The cut will cost around €1.5 billion per annum. Polish economy recovering Poland has …


Poland promises 2016 VAT rate cut

April 16th, 2014

As Poland makes progress on bringing its budget deficit under control, the government has stated its aim to reduce the current Polish VAT rate by 2016. The standard Polish VAT rate was increased to 23% in January 2011 as part of an attempt to cope with the financial crisis. Polish economy slowly recovering Poland has …

United Kingdom

Guernsey votes against VAT introduction

August 25th, 2013

The Channel Island of Guernsey has voted against the introduction of a Goods & Sales Tax (similar to Value Added Tax). Reduce spend rather than more taxes The consultation with the public was taken as the costs of public health and pension spending become unmanageable.  Instead, the public views taken suggest a rising of the …