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Germany slashes VAT on gas to ease burden from soaring costs

August 18, 2022 by www.theedgemarkets.com

- A + A (Aug 18): Germany will temporarily cut sales tax on natural gas to 7% from 19% to ease the burden on households and companies suffering due to surging energy costs and hit by a new levy taking effect in October. Chancellor Olaf Scholz announced the move — which could cost about 14 billion euros (US$14.2 billion) in lost revenue — in a brief statement to reporters Thursday in Berlin and said the government expects suppliers to pass the VAT reduction fully on to consumers. The lower rate will apply from Oct 1 and expire at the end of March 2024. “With this step, we are reducing the burden for gas customers overall much more than the burden created by the gas levy,” Scholz said. “This reduced VAT rate will apply as long as the gas levy is collected.” The government is imposing the levy on gas consumers to help fund compensation for importers forced to pay higher prices due to Russia squeezing gas deliveries via the Nord Stream pipeline. If any of Germany’s … [Read more...] about Germany slashes VAT on gas to ease burden from soaring costs

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