Portugal Announced That It Will Be Exempted From The VAT Of Bicycles From 2023

According to foreign media reports, since 2023, Portugal will levy 6%of VAT on bicycles. The VAT rate of Portugal will greatly reduce the value -added tax rate of bicycles and bicycle maintenance from 23%to 6%.

This is determined by the Portuguese Parliament. The new tax rate will be implemented from 2023. AbiMota, member of the European Manufacturers Association CONEBI, said that the adjustment of the tax rate will not only affect the bicycle, but also the work of the bicycle factory.

  "We have been calling for this measure since 2019," said Gil Nadais, Secretary -General of the Bicycle Manufacturer Association ABIMOTA. The car industry is the same. Fortunately, we found the Portuguese government's understanding of these issues.

It has been prepared for the price reduction for nearly a year for Portugal. In early March, it proposed to reduce the demand for VAT, refused to reduce the value -added tax in the German Federal Ministry of Finance, and continued to apply 19%of the value -added tax rate. The European Union passed this reduction in its member states in December 2021 to achieve its climatic goals.