Current VAT rates continue to apply up to 2016Tags: VAT 2014, VAT rates Categories: NEWS & Events, RSS
The current VAT rates continue to apply up to the end of 2016. As of December 31st 2013 came into force the Act amending the Act on tax on goods and services and certain other acts (Journal of Laws of 2013, position. 1608), which maintains the rate of 8 percent and 23 percent.
Keeping the current rates results from the legislation adopted in April 2013 by the Council of Ministers documents: “Update of the Convergence Programme for 2013” and “Long-term Financial Plan for the years 2013-2016”.
Because of the maintaining the current tax rates were changed as well: the law of reimbursment to individuals of certain expenses related to residential housing, as well as the Law on State aid in the purchase of a first home for young people. The amendment further includes a transitional provision established in order to remove doubts regarding the accounting for VAT on the supply of goods prior to January 1st 2014.
In connection with the maintenance of the current VAT rates for 2016, the mechanism of conditional increases in VAT rates was abolished, in the event that would exceeded 55% of the value the relationship of the amount of public debt to GDP.