EU finance ministers, meeting in Brussels under the chairmanship of Slovenia’s Andrej Šircelj, reached political consensus to upgrade the EU rules on reduced VAT rates, updating the list of goods and services for which reduced rates or exemptions are allowed.
The new rules give member states more flexibility to choose which products will be subject to reduced, super-reduced or zero VAT rates. Meanwhile, the meeting failed to clinch agreement on review of the 1997 Code of Conduct on Business Taxation, with Šircelj saying a new proposal would now have to be drawn up.
By: P.T., STA
