VAT News

Lithuania to Reduce Standard Rate of VAT

According to a recent report and subsequent announcements, financially astute members of Lithuania's Parliament have put forward a proposal which would see the country's standard value added tax rate be reduced from 21% to 18%.

Lithuania's VAT scheme was last amended back in 2009 when the economic pressures of the European financial crisis led to a 2% rise in VAT in the country to stabilise the economy.

Now, however, a reduction of VAT is being considered to boost the economy once more and reduce the appeal of tax fraud which is a growing concern in the area. VAT is the largest tax revenue for the government, so any changes are expected to make a significant impact.

If approved by the whole Parliament, the proposed changes would come into effect from 1st January 2020.

Related articles

HMRC Opens Investigation into Uber Over £1bn Unpaid VAT

HMRC is looking to whether Uber should be classified as a transportation company, and therefore liable to pay VAT in the UK.

Read more
UAE Averaging 8,000 VAT Refunds Every Day

500 days since it's introduction, VAT refunds in the UAE are soaring.

Read more
UK MP Calls for Scrapping VAT Applied to Sunscreen

UK MP Chris Bryant calls for scrapping the 20% VAT rate applied to sunscreen products, encouraging more people to regularly use it.

Read more