France Senate Considers Bill to Reduce VAT on Energy Supplies

The French Senate June 23 accepted for consideration Bill No. 768, to reduce VAT on energy supplies. The bill includes measures to: 1) reduce the VAT rate on electricity and natural gas supplies to final consumers, including fixed subscription components, taxes, and fees, to 5.5 percent from 20 percent; 2) require energy suppliers to report quarterly to the Energy Regulatory Commission on pricing details, cost structures, and gross margins by customer segment; 3) require that energy suppliers clearly show the VAT reduction on invoices and fully pass on the reduction to consumers, with penalties for noncompliance of up to 2 ...