International VAT Rate Round Up: September 2020
VAT News Updates
8th September 2020: Further VAT rate reductions in Turkey, Thailand and Montenegro. Get all the VAT rate change information you need.
From 4 August 2020 to 1 September 2021 the VAT rate for the below will be reduced from 21% to 7%:
- The preparation and serving of food and specific non-alcoholic beverages provided by catering facilities; and
- Restaurants and catering facilities
The reduced VAT rate in Thailand was due to expire on 30 September 2020.
The Ministry of Finance has announced that the 7% reduced VAT rate will be extended and applied from 1 October to 30 September 2021.
It is intended that the extension of the reduced VAT rate is expected to help reduce consumer’s cost of living and help the economy recover from COVID-19.
The VAT rate has been reduced from 18% to 8% until 31 December 2020.
This reduction applied to the below:
- Weddings and associated services;
- Cultural events;
- Property maintenance and repair services;
- Accommodation services; and
- Hospitality services
Find our full list of VAT rates changes related to COVID-19 on our detailed COVID-19 blog.
Talk to us to fully understand how these changes may impact your business.
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