On 4 April 2017, the budget for 2017 was presented to the parliament by the Council of Ministers. Details of the budget are summarized below.
No relevant changes have been proposed.
The reduced rate of 10% is expected to apply to the following supplies of goods and services currently taxed at 21%:
- Access to theatres, circus, bullfighting events, concerts and other cultural live shows
- Hospitality services, such as shows, nightclubs, barbecues or other similar services
- Supply of frames for prescription glasses
Additionally, the purchase and sale of collector coins, an activity that does not qualify for VAT exemption applicable to currency purchase/sale, is expected to be subject to this exemption for an amount not exceeding face value.
(b) Transfer tax
The transfer tax rates for transmission and rehabilitation of noble status are updated.
Several fees regarding inter alia, boat transportation and telecommunications are updated.
© copyright IBFD. This article is part of a selection of daily news from the IBFD Tax News Service (TNS) chosen by EY professionals. All rights to the content reside with IBFD. Any use requires IBFD’s prior permission in writing. IBFD´s disclaimer applies to any and all of IBFD’s articles and publications.