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%
Euro crisis cripples government finances Finland has joined most of the rest of Europe with a rise in its standard VAT rate to help manage the long-term effects of the 2007/08 financial crisis and subsequent Euro-currency crisis. The primary Value Added Tax rate will increase
Simplification of old 5% sales tax The West African state of Gambia has introduced Value Added Tax from 1 January 2013. The standard VAT rate is 15% This replaces the 5% Sales Tax, on a much wider tax base. Many basic foodstuffs will be zero-rated
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
Financial crisis leads to austerity tax rises The UK has increased its standard Value Added Tax rate from 17.5% to 20% from 4 January 2011. This comes as the government’s deficit has ballooned in response to bailing out several banks during the financial crisis of
Poland austerity VAT hike Poland has become the newest European country to increase its indirect tax rate to help cope with financial crisis and Euro currency crisis. Its standard rate will rise from 22% to 23% on 1 January 2011. The reduced VAT rates of
