International VAT Rate Round Up: December 2022

December 2022 VAT Changes in Finland

On 21 October 2022, the Finnish Parliament approved a temporary amendment of the VAT Act.

This includes the following reduced rates:

• Electricity
  • VAT rate reduced from 24% to 10% for the period 1 December 2022 to 30 April 2023

• Passenger Transport
  • VAT rate reduced from 10% to 0% for the period from 1 January 2023 to 30 April 2023
    • This VAT rate reduction also included train, bus, taxi, plane, and ship tickets).

December 2022 VAT Changes in Germany

The application of the reduced VAT rate relating to restaurants and catering services has been extended.

The 7% VAT rate has been extended until 31 December 2023.

Below is a timeline of the reduced VAT rate:

• 19% before 1 July 2020;
• 5% from 1 July 2020 to 31 December 2020
• 7% from 1 January 2021 to 31 December 2022 – now extended until the end of 2023

December 2022 VAT Changes in Russia

A new bill is under consideration and it includes a reduction in the VAT rate on books and periodicals, goods for children, food products and several foreign and domestically produced medical supplies from 10% to 5%.

December 2022 VAT Changes in Singapore

From 1 January 2023, the VAT rate will increase from 7% to 8%.

December 2022 VAT Changes in Ukraine

Gas generators, electric motors and generators, electric batteries, transformers, electric water and heaters and other goods form relative group are exempt from customs duty and VAT.

International VAT Rate Round Up: November 2022

If you missed last month’s VAT rate announcements of VAT threshold changes, you can catch up now.

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