EU Parliament backs member states’ reduced VAT rate freedoms – can now enter EU law The European Union Parliament has backed this month Finance Ministers’ agreement on extended reduced VAT rate setting powers. Member states may now commence incorporating into EU law once gazetted. The
ISP fuel tax to be cut as VAT reduction under consideration Whilst Portugal still has only the second highest energy inflation rate in the Euro zone at 12% for January 2021, it has still brought forward a cut to the fuel tax, Imposto sobre os
February fuel inflation prompts VAT cut The Cyprus government has implemented a temporary cut in the Value Added Tax rate on petrol from the standard rate to 5%. A power consumption rate cut was already in place to 9%, and this has been extended. The
Second extension of gas VAT cuts until 30 June 2022 as inflation hits 5.7% Italy has extended the temporary cut in Value Added Tax rate on domestic and industrial use gas until 30 June 2022. The cut was initially introduced between October and December 2021,
Latest spikes in global fuel prices leads to second extension of reduced VAT rate Spain has again extended to 30 June 2022 its temporary reduction in VAT on domestic electricity from 21% to 10%. The measure was first introduced in June until 31 December 2021.
49% inflation prompts VAT cut to domestic heating following cut to basic foodstuffs President Erdogan announced yesterday a cut from 18% standard rate to 8% reduced rate for domestic electricity. Foodstuffs zero-rated announced mid-February. The cut from the reduced rate of 8% to 1% will
Inflation hits 8.4%; rise to nearly 10% forecast Romania is proposing cutting VAT on automobile fuel to 5% from 1 April 2022. This would cover: leaded gasoline, unleaded gasoline, liquefied petroleum gas (LPG) and diesel. VAT cut on domestic electricity from April is also being
Record inflation prompts temporary VAT cut to basic foodstuffs Turkey has become the latest country to temporarily cut VAT to combat inflation. The cut from the reduced rate of 8% to 1% will apply to: Fruit and vegetables Dairy Cooking oil This change should be
Temporary reduced VAT rate on energy and foodstuffs as inflation rises A Bill has been present the Ukrainian parliament to temporarily cut VAT as follows: Zero-rate on basic foodstuffs 7% – domestic electricity, heating, natural gas, public water supplies. The Bill has been submitted by
Temporary tax breaks on domestic fuel and basic foodstuffs The Bulgarian government has proposed temporarily reducing the Value Added Tax rate on basic foodstuffs, non-alcholoic drinks; medical products heating electricity and gas. The proposal now moves to Parliament, the National Assembly. The measure could come
