The new year brings significant changes to the VAT rates in Europe – is your Expense Solution set up to support the most efficient VAT reporting and recovery?
With DATABASICS you may have already made changes using the “Effective Date” feature, just to make sure your rates will be up-to-date, below is a list of upcoming changes in European rates.
2016-2017 European VAT Rate Changes:
|Country||Rate Type||Old Rate||New Rate||Effective Date||Notes|
|Austria||Additional Reduced||10%||13%||Jan. 1, 2016||Food and lodging items will remain at 10%|
|Italy||Standard||22%||24%||Jan. 1, 2017||- - -|
|Italy||Reduced||10%||13%||Jan. 1, 2017||- - -|
|Poland*||Standard||23%||22%||Jan. 1, 2016||- - -|
|Romania||Standard||24%||20%||Jan. 1, 2016||- - -|
|Romania||Standard||20%||19%||Jan. 1, 2017||Proposed change|
*Please note that Poland has quietly dropped its plan to cut its standard rate from 22% to 23% in the new year.
As the world constantly changes, both political and economic events can prompt VAT and other consumption tax changes, with DATABASICS you can stay on top of individual country’s requirements for reporting and recovery according to your company policy.
Related Article: A Guide To Global Tax Management: How To Simplify Complex Challenges
Also, if you’re not currently taking advantage of DATABASICS for VAT Recovery, contact us for any questions or additional information at 1(800) 599-0434 to review any requirements and available solutions.
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