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EU VAT Tax Rates. The European Union value-added tax (or EU VAT) is a value added tax on goods and services within the European Union (EU). The EU's institutions do not collect the tax, but EU member states are each required to adopt in national legislation a value added tax that complies with the EU VAT code.
The EU VAT asks where supply and consumption occurs, which determines which state collects VAT and at what rate. Each state must comply with EU VAT law, [56] which requires a minimum standard rate of 15% and one or two reduced rates not to be below 5%. Some EU members have a 0% VAT rate on certain items; these states agreed this as part of ...
EU VAT area EU customs territory EU single market Adoption of euro Norway, except: Partial No Yes No No With exemptions, in EEA [111] NOK: Svalbard: Partial No No [112] VAT free [87] No No [111] [113] NOK: Jan Mayen: Partial No Yes [112] [114] VAT free [87] No Like rest of Norway [111] NOK: Bouvet Island: No No No No No No NOK: Peter I Island ...
The VAT-based [15] own resource is a source of EU revenue based on the proportion of VAT levied in each member country. VAT rates and exemptions vary in different countries, so a formula is used to create the so-called "harmonised VAT base", upon which the EU charge is levied. The starting point for calculations is the total VAT raised in a ...
NB: Data input for the column "Government policy on euro adoption", shall preferably (if they exist) be the official target dates for euro adoption and/or ERM-II membership set by each government. These dates can either by unofficially announced per referenced interview (second best option) or officially announced/adjusted as part of each ...
VAT is an indirect tax because the tax is paid to the government by the seller (the business) rather than the person who ultimately bears the economic burden of the tax (the consumer). [4] Opponents of VAT claim it is a regressive tax because the poorest people spend a higher proportion of their disposable income on VAT than the richest people. [5]
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The VAT Information Exchange System (VIES) is an electronic means of transmitting information relating to VAT registration (i.e., validity of VAT numbers) of companies registered in the European Union. EU law requires that, where goods or services are procured within the EU by a VAT taxpayer, VAT must be paid only in the member state where the ...