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Euro 500bn Rescue PackageMay 2010 The EU finance ministers agreed on May 10, 2010 on a rescue package aimed to prevent Greece's debt crisis and protect the Euro currency which is in use in 16 countries. EUR 500bn will be contributed by the EU while additional EU 250bn will be contributed by the IMF. EU-Latvia V.A.T on Land for ConstructionMay 2009 The European Commissin requested Latvia on May 14, 2009 to stop exempting from V.A.T. transactions involving land for construction. The commission concluded that the Latvian legislation is not compatible with the EU Directive. If Latvia does not comply within two months, the commission may bring the case before the European Court of Justice. Source : http://ec.europa.eu/index_en.htm. EU Reduced V.A.T. RatesApril 2009 The European Economic and Financial Affairs Council, ECOFIN, reached an agreement on March 10, 2009 regarding the use of reduced V.A.T. rates in certain sectors. The ECOFIN agreed that all member states should have the option to apply reduced V.A.T. rates on a permanent basis regarding, inter-alia, minor repairs of bicycles, shoes and leather goods, window cleaning, domestic care services, hairdressing, restaurant services and sale all types of books. The ECOFIN also allowed Portugal to apply reduced V.A.T. rates for tolls on bridges in Lisbon area and Cyprus to apply reduced V.A.T. rates to LPG in cylinders. For more detailed info please visit www.consilium.europa.eu/Newsroom |
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