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In the month that VAT celebrates its 70th birthday, we’ve rounded up 12 of the latest rate change announcements from around the world.
Croatia
Croatia’s reduced VAT rate for heating will remain in place until 31st March 2025. The 5% rate (down from the usual 25%) was due to expire on 1st April, but has been extended for a further 12 months.
Poland
A rate change for cosmetic services came into effect on 1st April. Facials, make-up, manicures, eyebrow styling, ear piercing and more procedures are now subject to VAT at the reduced rate of 8%.
Finland
The government has confirmed it intends to rase Finland’s standard VAT rate from 24% in 2025.
Laos
A decree to increase the standard VAT rate from 7% to 10% has been signed by the president. Laos lowered VAT to 7% in 2022 with the aim of boosting its post-Covid economy.
Israel
VAT will increase by 1% in January 2025 after the government’s 2024 Budget was approved by the Knesset parliament. The change means Israel’s standard rate will rise to 18%.
Indonesia
Chief Economic Minister Airlangga Hartaro has appeared to rule out the possibility of a 2024 VAT rise, instead confirming Indonesia’s second stage increase from 11% to 12% will occur in January 2025.
Switzerland
The Federal Council has issued two proposals for funding a rise in pensions. The first would see VAT rise from 8.1% to 8.5% and the pension levy on salaries hiked from 0.5%, while the second would involve a 0.8% increase in the amount deducted from salaries. The chosen plan is set to be implemented in 2026.
Ecuador
The standard VAT rate has increased to 15%.
Bangladesh
A tax exemption enjoyed by the Metro Rail Authority will be withdrawn, meaning from July all rail tickets sold by the company will have VAT at 15% imposed on them.
Sri Lanka
Changes to Sri Lanka’s VAT regime have been formally ratified. These include the reduction of the standard VAT rate from 18% to 15% as of 1st January 2024.
Malawi
The government has been presented with a review of the social protection fund with a recommendation to increase VAT from 16.5% to 17.5% to contribute towards a larger budget.
Malta
The VAT rate for short-term yacht charters starting Malta has been reduced to 12%. The standard rate in Malta remains 18%.
