Italian Government Increases the VAT Rate to 22%

SUNNYVALE, Calif. - Oct. 15, 2013 - PRLog -- The Italian government has recently increased the standard Value Added Tax (VAT) rate on goods and services to 22% (from the previous rate of 21%) with effect from 1 October 2013, though it was expected that the increase in VAT rate would be postponed to 1 January 2014, reports Nair & Co.’s International Tax Consulting Team.

The primary purpose of increasing the VAT rate is to meet the Euro currency 3% GDP deficit target. Had the increase been postponed, it might have resulted an increase in excise duties on fuel, the regional production tax (IRAP) and the corporate income tax (IRES).

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