Global VAT Cuts to Bolster Economies and Business during COVID-19

Governments are doing what they can to support and protect their economies at the moment. One of their key efforts is to delay, or in some cases remove, VAT payments.

Many countries are driving initiatives such as VAT payment delays, VAT credit accelerations, and reduced rates of VAT payments. Spain and Italy have taken further measures. Spain has now closed all Tax offices for face-to-face meetings and has pushed back filing deadlines. Italy has suspended all payments for large businesses, and smaller businesses are being offered a VAT holiday until the end of June.

A recent blog from Avalara provides a country-by-country breakdown of the latest VAT news and government-imposed changes. It’s clear that governments are pushing forward VAT initiatives to relieve pressure and ensure that businesses both large and small are not losing out.  

On April 29th Avalara and sharedserviceslink will present a webinar focusing on the economic impact of COVID-19. Be sure to register today.