A reduced VAT rate of 12% will apply effective 1 January 2024 to certain services.
As a result of the adoption of EU Council Directive 2022/542 (5 April 2022) regarding rates of value added tax (VAT), a reduced VAT rate of 12% will apply effective 1 January 2024 to the following services:
- Custody (unless the said services qualify as VAT-exempt) and management of securities….
Source: KPMG
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