- French Senate accepted Bill No. 768 to reduce VAT on energy supplies
- VAT rate on electricity and natural gas to be reduced to 5.5 percent from 20 percent
- Energy suppliers must report quarterly to the Energy Regulatory Commission
- Suppliers required to show VAT reduction on invoices and pass it to consumers
- Penalties for noncompliance up to 2 percent of annual turnover
- Government to report within 12 months on the law’s impact
- Law effective August 1
Source: news.bloombergtax.com
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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