The European Commission does not believe house renovation or bike repair prices would suddenly jump up if there is no VAT deal by the weekend, as it will take longer to change national laws on taxation.
The deal was agreed by finance ministers from 22 member states on Tuesday (24 January), but Poland, the Czech republic and Cyprus are still deciding whether or not they will sign up.
The decision applies to an EU-wide scheme under which member states can levy VAT rates as low as 5...
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