Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-20-Speech-3-250"
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"en.20070620.25.3-250"2
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".
Madam President, the common system of value-added tax was established in 1967 by the first and second VAT Directives. These two directives prescribed the general structures of the system. The detailed provisions governing the application of the common VAT system were introduced in 1977 with the adoption of the sixth VAT Directive. This directive has since been subject to numerous amendments, most of which were occasioned by the creation of the single market and the accompanying removal of tax barriers between Member States.
On 1 January 2007 the sixth directive was repealed and replaced by Directive 2006/112/EC on the common system of value-added tax, which incorporates all of the statutory amendments to the original directive. As far as VAT rates are concerned, the directive establishes the principle of applying a standard rate plus one or two reduced rates. The standard rate must be at least 15%. This minimum rate is fixed until 31 December 2010. The reduced rates, which must amount to at least 5%, are applicable to goods and services defined in the directive. The directive also provides for certain exceptions to this general rule and for transitional arrangements, allowing the Member States to respond to specific situations.
So that the effects of the reduced rates can be more accurately assessed, the directive also lays down that, by 30 June 2007 at the latest, the Commission is to present to the European Parliament and the Council an overall assessment report on the impact of reduced rates applying to locally provided services, focusing especially on job creation, economic growth and the proper functioning of the internal market and based on a study carried out by an independent economic think-tank."@en1
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