EC László Kovács welcomes unanimous agreement on reduced VAT rates
03 Feb '06
1 min read
European Commissioner for Taxation and Customs Union László Kovács welcomed the fact that there is now unanimous agreement among EU Member States on reduced VAT rates, after confirmation by Poland of its own agreement to the EU Council's compromise.
Agreement had been reached on 24 January in the EU Council of Ministers for Economic and Financial Affairs by 22 Member States on a compromise providing for the extension until 31 December 2010 of reduced VAT rates for labour-intensive services. Cyprus and the Czech Republic notified their approval on 29 January, and Poland did the same on 1 February. The EU Council will adopt the legal text enacting the political agreement at one of its forthcoming meetings.
"It is a sound and balanced compromise", the Commissioner said, "which offers legal stability for the Community as a whole and offers firm guaranties to some sensitive economic sectors in our Member States. I wish to underline that this solution will bring concrete advantages to all Member States."
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