27 February 2015
The new government has announced a range of VAT reform measures:
- A proposed new VAT rate on luxury goods (this includes high-value cars, boats, aircraft, helicopters, swimming pools, watches and perfumes). This may not be permitted by the European Union as Member States are normally only permitted a standard and two reduced VAT rates under the EU VAT Directive.
- A reclassification of many basic foodstuffs from the reduced VAT rate of 13% to the second reduced rate of 6%.
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