National Schema on VAT ()
DESCRIPTION: National Legal act that regulates the consumption tax assessed on the value added to goods and services.
eira:ABBeira:BindingInstrumentRequirement
dct:modified2023-07-26
dct:spatialNational
dct:identifierhttp://data.europa.eu/eli/dir/2006/112/oj
dct:titleNational Schema on VAT
skos:exampleFor instance, in the UK, the standard VAT rate is 20%, which is within the EU's stipulated range of 15-25%. Certain goods and services, such as children's car seats and home energy, are taxed at a reduced rate of 5%. Zero-rated goods and services, such as most food and children's clothes, are also outlined in the UK's national VAT regulation, in line with the EU's VAT Directive.
eira:concepteira:ArchitectureBuildingBlock
skos:noteThe National Schema on VAT Regulation is a crucial part of the EU's fiscal policy, aiming to harmonize tax laws across member states and ensure a fair and efficient taxation system. Each member state has the autonomy to set their own VAT rates within the parameters set by the EU, and must ensure that their national laws align with the EU's VAT Directive.
skos:definitionThe national regulation on VAT within the member states of the European Union is a set of rules and guidelines that each member state must follow in order to comply with the EU's overarching VAT Directive. This regulation outlines the standard rate of VAT that should be applied, as well as the reduced rates for certain goods and services. It also provides guidelines on how VAT should be collected, reported, and paid to the relevant authorities.
eira:definitionSourceEuropean Union
eira:definitionSourceReferencehttps://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32006L0112
eira:viewLV-Binding Power and Jurisdiction