The Ministry of Finance (BMF) issued guidance to implement reductions to the rates of value added tax (VAT) provided as relief measures in response to the coronavirus (COVID-19) pandemic. The VAT standard rate is reduced to 16% and the VAT “reduced rate” is further reduced to 5% for the period 1 July 2020 to 31 December 2020.
Source: KPMG
Latest Posts in "Germany"
- Germany Clarifies e-Invoices Must Be Self-Contained
- German VAT Fraud Probe Uncovers €18 Million Cross-Border Scheme Involving Four EU Countries
- ATLAS 10.2: Key Changes in Centralized Customs Clearance and EDI for Imports and Exports
- German Court Clarifies Interest Waiver Rules for Incorrect Foreign Input VAT Deductions
- Input Tax Deduction: Invoice Requirements When Supplier Changes Name During Renaming Process
