November 2009

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UNITED KINGDOM

Effective January 1, 2010 the VAT rate will go back up from 15 % to 17.5 %.

GERMANY

The newly elected German Government has announced that it plans to reduce the standard VAT rate of 19 % for hotel and restaurant invoices (ONLY) to the reduced rate of 7 % to support the hospitality industry.

Other changes in 2009:

  • CROATIA changed the standard VAT rate from 22 % to 23 %
  • ESTONIA changed the standard VAT rate from 18 % to 20 %
  • HUNGARY changed the standard VAT rate from 20 % to 25 %
  • ICELAND changed the reduced rate on some food items from 7 % to the standard rate of 24.5 %
  • ISRAEL changed the standard VAT rate from 15.5 % to 16.5 %

You may want to review long term contracts and invoices from suppliers and to clients and adjust your accounting if applicable.


 


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