VAT news tagged as "Reduced VAT rates"

China

China cuts VAT rates 1 May 2018

March 29th, 2018

China is to lower a range of its VAT rates from 1 May 2018, costing €53billion per annum. The VAT rate on manufacturing supplies will be cut from 17% to 16%. The rate on construction, voice telecoms and transportation will be reduced from 11% to 10%. Further reforms will consolidate the existing 13% rate on agriculture into …


Austria

Austria lowers hotel VAT to 10%

March 1st, 2018

Austria is to lower the VAT rate on accommodation services, including hotels and bed & breakfast rooms and related services. The supplies will be moved from the current reduced rate of 13% to 10% from 1 November 2018. Most countries in the EU subsidies their tourism sectors such subsidies. The exceptions include the UK, Slovakia …


Europe

EU VAT reduced rates overhaul

January 18th, 2018

The European Commission has today issued proposals giving more flexibility to EU member states in setting their reduced VAT rates.  The plans could be implemented in 2022. Presently, states are limited to two reduced VAT rates below their national standard VAT rate, but no lower than 5%.  Countries may only set their reduced rates for prescribed goods and …


Greece

Greece extends islands reduced VAT rate

December 26th, 2017

Greece is to extend the application of a 30% discount on its VAT rate for key holiday islands. The reduction will not continue to 30 June 2018 The islands include: Chios; Kos; Leros; Lesbos; and Somos. This is the last group of island to benefit from the tax subsidy, which has been gradually withdrawn following …


Latvia

Latvia new 5% reduced VAT

December 13th, 2017

Latvia’s Ministry of Finance has confirmed plans to introduce a new, super reduced VAT rate of 5% from 1 January 2018. The new rate will apply to a range of locally produced vegetables and fruit. Under the provisions of the EU’s VAT Directive, EU member states may have two reduced VAT rates which should be at …


Norway

Norway raises reduced VAT rate

October 12th, 2017

Norway has proposed an increase in its reduced VAT rate from 10% to 12% from 1 January 2018. The reduced VAT rate applies to cinema admission, public transport, hotel accommodation services, entrance to cinemas, museums and amusement parks. The standard VAT rate (25%) and other reduced VAT rate (15%) will remain unchanged.


Argentina

Argentina reduced VAT digital news

October 19th, 2016

Argentina has confirmed new, reduced VAT rates for the supply of online news services. The new, sliding rates will be based on the annual turnover of the provider, as follows: 2.5% VAT for turnover below ARS 63million per annum 5% VAT for turnover between ARS 63million and ARS 126million per annum 10.5% VAT for turnover …