Potential new VAT rate
The VAT landscape is set to change quite dramatically as the EU has afforded countries greater latitude to determine their own tax rates. This, combined with a post-pandemic era where countries strive to restore economic stability, means we can expect VAT rate changes to be the norm rather than the exception in 2023 and beyond. Cyrus has approved the decision to implement a new 3% VAT rate which will apply to the following products:
- books, magazines, and similar products, whether provided on a physical basis or in electronic form
- stairs, lifts, and wheelchairs for persons with disabilities
- orthopaedic devices
- street cleaning and dog collection services
- waste water disposal and treatment
- entry to the debut of theatrical, musical, dance or classical performances.
- typewriters with braille characters and similar electronic devices
- wheelchairs for persons with disabilities exclusively for their personal use.