24 rate and regulatory changes to look out for in 2024

COUNTRY

Luxembourg

Switzerland

Denmark

Germany

Finland

Malta

Romania

Liechtenstein

Singapore

Laos

Antigua

North Macedonia

Dominican Republic

Malaysia

Poland

New Zealand

Cyprus

Uruguay

Greece

Bulgaria

Vietnam

Thailand

Oman

Ireland

DETAILS

Standard VAT rate returns to 17%.

Standard VAT rate increase to 8.1%.

New 2% tax on overseas streaming providers.

Reduced 7% rate for restaurants ends.

Dozens of supplies recategorised to higher rates.

New 12% VAT rate.

Most 5% supplies move to 9% or 19%.

Standard VAT rate increase to 8.1%.

GST rise to 9%.

VAT increase of 3%.

VAT to rise to 17%.

VAT imposed on foreign digital suppliers.

First wave of mandatory e-invoicingElectronic invoicing - widely referred to as e-invoicing - is the exchange of a digital document between a supplier and a buyer. E-invoices are issued, transmitted and received in a structured data format that enabled automatic and electronic processing. They contain data in a machine-readable format so that an AP system can read an invoice without manual data entry, leading to faster and more efficient invoicing..

2% increase in Service Tax.

End of zero-rating of many foods.

GST imposed on gig and sharing economies.

VAT reduction on essential goods expires.

Reduced rate of 9% for tourism ends.

Reduced rate for basic supplies ends.

9% VAT on tourism services ends.

VAT reverts to 10% from current 8% reduced rate.

Long-term plan to raise VAT to 10% enacted.

Mandatory e-invoicing introduced.

Cut from 13.5% to 9% on gas and electricity ends.