VAT news tagged as "VAT cut"

Czech Republic

Czech VAT rate cuts

April 8th, 2018

The Czech Ministry of Finance has proposed a range of changes to the classification of supplies from the standard 21% VAT rate to the reduced rate of 10%. These include: Supplies of catering services Public provision of water supplies Supplies of local services including barbers, household goods’repairs and domestic cleaning


Romania

Romania cuts VAT to 18% 2019

January 29th, 2018

Romania has proposed a 1% VAT rate cut to 18% from 1 January 2019. The decrease comes as part of a package of tax simplifications. In addition to the reduction in the standard rate, the 5% reduced VAT rate will be extended to a number of property and agricultural supplies. Following the financial crisis, Romania …


St Lucia

St Lucia cuts VAT to 12.5%

February 18th, 2017

The Eastern Caribbean island of St Lucia this week announced a reduction in Value Added Tax from 15% to 12.5%. VAT was introduced to St Lucia in 2012 at 15%, a relatively high rate for the region.  Hotel and accommodation services are charged at 10%.


Croatia

Croatia cuts VAT 2018

October 27th, 2016

Croatia is to reduce its standard VAT rate from 25% to 24% from 1 January 2018. In addition, it will combine its existing two reduced rates (5% and 13%) to a single rate of 12%.  Croatia last raised its standard VAT rate from 23% to 25% in 2013 ahead of its entry into the European …


United Kingdom

UK VAT cut pitch sensible?

August 2nd, 2016

The investment bank, Bank of America Merrill Lynch, has proposed a temporary reduction in the UK’s standard VAT rate from 20% to 17.5%. It has suggested this to counter the inflationary effects of the UK’s currency, Sterling, falling by around 15% since the Brexit referendum, and to keep consumers spending. Do temporary VAT cuts work? …