Shopping and the Taxes You Will have to Consider

Elvera Bartels

Shopping list already created? From July 1, 2020 VAT will decrease for half a year. The statutory shopping discount is intended to encourage shopping. But the new tax rates are also having an impact on banks, savings banks and the construction industry. What that means exactly and how you as a savings bank customer can benefit from it, we have put together for you in 5 questions and answers.

Two girls shopping

As part of its economic stimulus package, the federal government has decided to reduce sales tax for a limited period. Most people know it as VAT, but there is no such common term in the law. Sales tax is used there with the same meaning.

The measure will already apply from July 1 and then until the end of 2020. This is intended to promote consumption and stimulate the economy again after the slump in the Corona crisis.… Read More