VAT news tagged as "VAT cut"

Barbados

Barbados cuts VAT to 15% 2020

June 8th, 2018

The new Barbadian government is to cut VAT from 17.5% to 15% on 1 January 2020. The cut is partially aimed at helping to bolster the financial services sector, which cannot recover VAT it is charged as its services are VAT exempt. The government is anxious that regulatory tightening to avoid EU blacklisting may squeeze …


Sri Lanka

Sri Lanka 12.5% VAT 2020

May 27th, 2018

Sri Lanka plans to cut its Value Added Tax rate from to 12.5% from the current 15%. The plan was announced yesterday by the Finance Minister, Mangala Samaraweera. Sri Lanka agreed to raise its VAT rate from 11% to 15% in 2016.


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? …