Category: VAT rates

UK announces temporary cuts to VAT rates for hospitality and tourism sectors  The Chancellor of the Exchequer announced today (8th July 2020) cuts to VAT rates in the UK’s hospitability and tourism sectors. This temporary reduction will see VAT rates drop from 20% to 5%.   According to Rishi Sunak, the reduced VAT rates will be…

Poland introduces a new system to simplify VAT rate classification As of 1st July 2020, Poland is introducing a new VAT rate matrix which will change the classification of goods and services for VAT purposes. This change will aim to simplify the VAT rate system in…

The tax authorities in Germany are looking to temporarily reduce their VAT rates in an effort to stimulate the economy and alleviate pressure on businesses. Germany has announced its plans to reduce the economic impact and drive local demand with…