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VAT Rate reverts to 23%
From today, 01st March, the vat rate will revert back to 23%. Due to the pandemic, the VAT rate was reduced to 21% for 6 months. Unfortunately, the Government have confirmed this will not be extended and from 01st March, businesses need to now apply the 23% rate to their supplies & purchases.
The reduced VAT rate for goods and services of 9% still applies however until the end of the year.
Why not read some of our previous blogs here