International VAT Rate Round Up: January 2021
VAT Rate Updates and Announcements
Germany
From 1 January 2021 the “old” VAT rates will apply again:
- Standard VAT rate 19%; and
- Reduced VAT rate 7%
A temporary reduction of the German VAT rates was introduced aimed at reducing the impact of COVID-19 (16% and 5%).
These reduced rates were introduced on 1 July 2020 for six months and ended on 31 December 2020.
Further VAT rate changes for 2021 can be found here.
VAT Threshold changes your business should be aware of:
Bulgaria
The threshold for reporting Intrastat dispatches will be reduced from BGN 290,000 to BGN 270,000.
The threshold for reporting Intrastat arrivals will be reduced from BGN 470,000 to BGN 430,000.
For declaring statistical values, the threshold for Intrastat dispatches will be reduced from BGN 15,800,000 to BGN 14,700,000.
For declaring statistical values, the threshold for Intrastat arrivals will be reduced from BGN 7,600,000 to BGN 7,300,000.
Finland
From 1 January 2021, the VAT registration threshold for resident taxpayers rises from EUR 10,000 to EUR 15,000.
Luxembourg
Taxable persons with an annual turnover equal to or less than €35,000 are exempt from VAT in Luxembourg.
The VAT registration threshold was previously EUR 30,000.VAT
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