Analytics, EU – Baltic States, Financial Services, Latvia, Taxation

International Internet Magazine. Baltic States news & analytics Sunday, 19.05.2024, 02:27

Standard VAT rate in Latvia will be one of the highest in the EU, if raised

Nina Kolyako, BC, Riga, 03.12.2010.Print version
If Latvia's standard value added tax rate is increased to 22%, it will be one of the highest in the European Union, according to the European Commission's data. The highest standard VAT rate is in Denmark, Hungary and Sweden – 25%, furthermore, reduced VAT rates do not exist in Denmark.

Since July 1 this year, standard VAT rate in Romania is 24%, Greece and Finland have a 23% standard VAT rate, and Poland has 22%, reports LETA.

 

The current standard VAT rate in Latvia, 21%, is the same as in Belgium, Ireland, Lithuania and Portugal. Ireland is currently also considering increasing VAT rate.

 

Cyprus and Luxembourg have the lowest standard VAT rate in the EU – 15%.

 

The standard VAT rate in Great Britain is 17.5%, Spain and Malta have 18%, Germany, Netherlands and Slovakia – 19% VAT. France's standard VAT rate is 19.6%, whereas Bulgaria, Czech Republic, Estonia, Italy, Austria and Slovenia have a 20% standard VAT rate.

 

As reported, the government on November 30 approved increasing the standard VAT rate from 21% now to 22% from January 1 next year. Reduced VAT rate will be raised from 10% to 12%.





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