Germany: VAT cut to stimulate consumption
The value-added tax (VAT) rate on non-food products is being reduced from 19% to 16%, starting from the 1st of July. The measure should be in place for the rest of the year and aims to give a boost to consumption and the economy
German authorities also decided to cut the VAT rate for restaurants from 19% to 7%.
The lower sales tax could work as a stimulus for customers in neighbouring countries to engage in shopping activities in Germany.
Source: ShoeIntelligence
Image credits: Josh Appel on Unsplash
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