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Business

Europe agrees to lower VAT on restaurants

Video by Katherine SPENCER

Latest update : 2009-03-10

European Union finance ministers have reached a deal that will see the value-added tax on certain services, including restaurants, reduced to below the minimum 15 percent.

AFP - EU finance ministers reached a long-sought deal Tuesday to allow especially reduced sales, or value added, tax on certain services, including restaurants, the Portuguese finance minister said.
  
"There's an agreement, including on restaurants," Fernando Teixeira Dos Santos told several journalists as he left a meeting of EU finance ministers in Brussels.
  
Normally, EU countries cannot apply a VAT rate of less than 15 percent in order to avoid big price discrepancies across the EU single market, and allowing any exemptions requires unanimous backing from all member states.

Date created : 2009-03-10

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