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Reduced VAT rate adopted for certain industries affected by COVID-19

To fight the impacts of COVID-19, the Austrian government has approved a new law announcing additional support measures for industries particularly affected by the pandemic, including a temporary VAT rate reduction to 5% for the gastronomy, cultural, publication, and tourism sectors. The new law has not yet entered into force; however, when published, the reduced VAT rate will apply retroactively from 1 July 2020 until 31 December 2020. Continue reading Reduced VAT rate adopted for certain industries affected by COVID-19