Reduced VAT in food and restaurants extended for another year

The government has announced that it will preserve the reduced 13% VAT rate for food and restaurants until the end of 2014, by introducing a relevant provision in its bill on public debt management and investments.

According to the accompanying report, the implementation of the reduced VAT rate did not have a significant impact on public revenue and preserving it will help increase competition in the tourist sector, as well as contribute towards the restriction of tax evasion.

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