On 18 January 2018, the European Commission issued a release announcing proposals to give Member States more flexibility to set VAT rates and to create a better tax environment to help SMEs. Also published are a fact sheet Q&A on the proposals, and fact sheets on the new rules for VAT rates and the new VAT rules for small businesses. The following are the main points of the proposals as provided in the release. --- More flexibility Member States can currently apply a reduced rate of as low as 5% to two distinct categories of products in their country. A...