- Proposed VAT Rate Changes: The government has presented a draft financial act proposing substantial VAT rate increases starting January 1, 2025. The standard VAT rate is set to rise from 20% to 23%, the intermediate rate from 10% to 19%, while the reduced 5% rate will remain but cover different supplies.
- Impact on Households and Businesses: The VAT increases are intended to expand state coffers, but they will likely affect the buying potential and quality of life of citizens, as well as the operational costs for businesses and international traders. The draft is still under negotiation within government ministries before being submitted to Parliament.
- Preparation for Changes: Businesses, both domestic and foreign, should start preparing for these changes, which will impact tax calculations, cash flow, and invoicing systems. The exact rates for specific goods and services will be confirmed once the Bill is adopted, but the anticipated changes necessitate early preparation.
Source 1stopvat
- Join our Linkedin Group on ”VAT Rates – Legislative changes”, click HERE
- Global Upcoming VAT Rate changes – Chronological, click HERE
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