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Important 2024 Tax Updates

Important 2024 Tax Updates

Released On 7th Feb 2024

A number of countries changed their taxation percentages as of 1st January 2024. We wanted to make you aware of the changes, and how this could affect the cost of importing your goods in the countries concerned.

Switzerland & Liechtenstein

Switzerland have implemented their new standard VAT rate, increasing from 7.7% to 8.1%  as of 1st January 2024. Liechtenstein generally follows Swiss laws and so have have mirrored the increase. 

Singapore

Singapore increased their GST (Goods and Services Tax) rate from 8% to 9% as of 1st January 2024.

Czech Republic

A VAT rate consolidation introduces a new reduced VAT rate of 12% in the Czech Republic, which replaces the reduced VAT rates of 10% and 15% in the country.

Israel

A new tax authority ruling in Israel means services provided to businesses and consumers by non-resident businesses are now subject to 17% VAT. This includes IOR and all associated services, excluding any Duties and Taxes.

Mouse & Bear will start to show the local Israeli tax as a seperate line item on our clients' quotes moving forward for full visibilty. This is not the same as import taxes and duties, but a tax on the services and therefore will be not be a receipted item.

If you have any questions about these changes, please get in touch.
 

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