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Reduction of the value added tax – The time has come…!

“The Federal Ministry of Finance (BMF) has informed that the corresponding VAT rate can be updated in the cash register system as early as July 1, 2020, so that no subsequent correction of invoices and reclaims of VAT amounts are necessary”. “The planned reduction of the turnover tax in the gastronomy sector concerns the dispensing of all food and beverages if a trade license for the catering trade (§ 111 Paragraph 1 GewO 1994) is required for this purpose.” This information has now been published on the website of the LBG Austria, (Complete (german) article: https://bit.ly/2AeOxbZ)

Since the change in the VAT conversion directly affects our customers and our applications, we have already actioned the areas that needed to be dealt with. The question many affected people are going to ask, is probably. “what do we have to do?” We anticipated this question and a few weeks ago we published a guide, which is available on our online Customer helpdesk, which helps guide our customers through making the necessary changes in their Delegate application. It explains in simple steps what has to be done and how the VAT rate has to be updated correctly in their Delegate Application. All important questions have been covered in the published guideline, but if you have any further questions, you can of course always contact your service manager who will be happy to assist you with the changeover (Complete (german) article: https://bit.ly/3dKCRLO)

Also interesting: While within the catering sector (restaurants, bars, inns) and also shelters are affected by the new regulation, the new tax rate will also be applied in other sectors, such as the publication and cultural sector, which will result in lower taxation of supplies, imports and intra-Community acquisitions of books, brochures and similar printed matter or original sculptural products. List of all sectors concerned can be found on the WKO website (in german).