Belgium urged to raise VAT rates

Belgium told by IMF to raise VAT

Belgium has been urged by the International Monetary Fund to raise it VAT rate in order to help fund labour tax cuts, whist Belgium has returned to growth and reduced budget deficits, structural reforms are needed to support growth.

Belgium has already scheduled a cut in the social security levies from 33% to 25% through cuts elsewhere. But the IMF has suggested that a rise in the reduced VAT rate from the current 6% and 12% (on restaurants) or removal of exemptions. Belgium’s standard VAT rate of 21% is currently below the average for the European Union, this is due to the fact they haven’t raised the standard tax since 1996, whereas all its European neighbours have raised theirs.

Oracle ebtax – Belgium VAT Allocations Report

This blog will help identify the order that you need to run the various steps in order to get the Belgium VAT allocations reports working.

Hopefully if you have got to this stage, you have successfully set up your Belgium indirect tax solution and created the allocations needed for the Belgium VAT reports. If so, you need to run the following requests int he right order to get the Belgium VAT report to work.

First, run the EMEA VAT: Selection Process to populate the JG_ZZ_VAT_TRX_DETAILS table, which is where the majority of your European VAT and localised reports are run from.
If you have not run the Belgium Allocations reports yet then it is best to see if there are any errors, so run the following; Continue Reading