The Pharmaceutical industry also confronts a number of VAT-related issues
One of the prime issue deals with reduced rate.
A good knowledge of the reduced rate allows companies:
- To efficiently manage the beneficiary margin and to be competitive on the market.
- Better market penetration for their products.
- To avoid surprises during VAT assessment by the authorities. Some products which had a reduced rate of 6% can now be treated at the standard rate of 21% and vice-versa.
- To avoid risks and allow optimization
Belgian VAT Desk has extensive experience with the reduced rate applicable to the pharmaceutical and medical sector and offers a global solution to businesses allowing them to optimize and avoid risks . This solution strategy includes:
- Audit of the VAT rates for each product sold by the business.
- Comparison between the rates applied with the current rules, including the European case law.
- Identification of products for which VAT can be optimized.
- Agreement with the administration in order to obtain juridical security.
Pharmaceutical companies must also contend with complex VAT regulations concerning supply chains.
A mastery of European VAT regulations allows your business to avoid risks and to improve your cash flow.
Finally, news regarding VAT as it relates to the pharmaceutical industry is thriving. The topic of VAT and clinical tests was mentioned in a recent decision of the Belgian VAT administration.
For more information about this subject, please contact us by clicking on the following link:
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