The Government has proposed that from 1 January 2014: The standard VAT rate should be increased from 19.6% to 20% The intermediate VAT rate, specifically applying to restoration and renovation work on housing, should be increased from its current rate of 7% to 10% The reduced VAT rate, which applies to basic necessities, in particular… Read More
France has announced its plans to increase the lower rate from 5.5% to 7%. This will most likely come into force early 2012. It is likely that some items will remain at 5.5% such as basic foodstuff and aids for the handicapped etc.
As a reminder, from 1 December 2012, businesses that are not established in the UK, and are looking to make taxable supplies in the UK, must register for VAT regardless of the value of the supplies. In addition, non-established businesses that are already making such supplies in the UK but are not currently registered for… Read More
The government has formally proposed that VAT rates will increase by one percent from 1 January 2013. The standard VAT rate is set to rise to 24% and the lower rates to 10% and to 14% respectively. The proposals are subject to Parliamentary approval.
The French Government has voted to keep the reduced VAT rate of 5.5% in 2014. Originally it was planned to reduce this rate to 5% but this will not be implemented.
The planned increases in VAT in 2013 have now been agreed by the Italian government at half the original proposed rate increases. From July 2013 the new standard rate will be 22%, the reduced VAT rate will be 11% but the super reduced rate will remain at 4%.
Good news if you like a massage. From 1 January 2013 an exemption for therapeutic masseurs will be introduced.
From the 1 December 2012 the UK VAT registration threshold limit for non-UK established businesses will be changed to NIL from £77,000. This is an important change and will affect overseas businesses who may wish to trade in or are already operating in the UK at a low level.
The French Parliament has confirmed that the increase in the standard VAT rate from 19.6% to 21.2% which was due to take effect from 1 October 2012 has been cancelled.
Under Belgian law, the payment of VAT due on importation of goods can be shifted to the periodic VAT return rather than paying VAT to Customs. In order to be able to benefit from this system, taxable persons have to request an import deferral license and pay a bank guarantee of 1/24th of the import… Read More