Flowgroup plc EU Commission publishes VAT action plan
April 08 2016 - 9:46AM
RNS Non-Regulatory
TIDMFLOW
Flowgroup plc
08 April 2016
RNS REACH
08 April 2016
Flowgroup plc
("Flowgroup" or the "Company")
EU Commission publishes VAT action plan
Flowgroup plc (AIM: FLOW), which provides a range of innovative
energy technologies, energy supply and energy services, welcomes
the European Commission's VAT Action Plan that was published on 7
April 2016 which presents measures for modernising VAT in
Europe.
The Commission's VAT Action Plan presents two options for
modernising VAT rates which, the Directors believe, would both see
the continuation of a reduced rate of VAT applying to Flow boiler
sales and installations. The first option is to amend the existing
VAT directive while maintaining the current list of goods and
services eligible for reduced rates, and regularly reviewing this
list. The Flow boiler would be expected to qualify for the reduced
rate as an energy efficiency device. The second option is to
abolish the list of goods and services that can benefit from
reduced rates and instead give Member States direct control of the
number and level of reduced rates. The Government has previously
confirmed that energy efficiency devices, like the Flow boiler,
will continue to benefit from the UK's 5% reduced VAT rate.
Any legislative changes arising from the VAT Action Plan are not
expected to be implemented until 2017.
As previously stated, the Group is currently installing Flow
boilers with 5% VAT payable on the boiler and installation.
Flowgroup plc www.flowgroup.uk.com
Tony Stiff, Group Chief Executive Tel: +44 (0)151 348 2100
Officer
Walbrook PR Ltd Tel: +44 (0)20 7933 8780 or flowgroup@walbrookpr.com
Mob: 07980 541 893
Paul McManus (Media Relations)
This information is provided by RNS
The company news service from the London Stock Exchange
END
NRAAKFDBNBKDPQK
(END) Dow Jones Newswires
April 08, 2016 09:46 ET (13:46 GMT)
Energetix (LSE:EGX)
Historical Stock Chart
From May 2024 to Jun 2024
Energetix (LSE:EGX)
Historical Stock Chart
From Jun 2023 to Jun 2024