- Iceland’s government approved a temporary VAT reduction on fuel at the pump from 24% to 11%.
- Retailers must fully pass the reduction on to consumers.
- The reduction is expected to be effective from May 1 to August 31.
- A bill will be presented to Parliament to enact the reduction.
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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