Rates of VAT
If you are registered for VAT and you make VAT taxable supplies it is required by law that you charge VAT on those supplies. Normally, you are required to charge VAT at the standard rate, unless the goods or services that you are selling, and the circumstances in which you are selling them, warrant you to charge a different rate as prescribed by the VAT law.
There are different rates of VAT, depending on the type of goods and/or services your business provides. At the moment there are three different rates. They are:
- standard rate - 17 per cent (17%)
- reduced rate - 10 per cent (10%)
- zero rate - 0 per cent (0%)
In addition, there are also some goods and services that are:
- Exempt - no VAT is charged on them