Impact of Lowering VAT in Beauty Industry on State Budget, Economy, and Consumers

• VAT in the “beauty” industry will be reduced from 23% to 8% for certain cosmetic services from April 1, 2024
• The reduction in VAT will have a negative impact on state budget revenues in the long term
• The change aims to unify VAT rates for services in the “beauty” industry
• The reduction in VAT will cost the state budget approximately -2.2 billion PLN over 10 years
• The project is expected to have positive effects on the competitiveness of the economy and entrepreneurship, as well as on consumers and households, especially women in the industry.

Source: ksiegowosc.infor.pl

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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