The EU Economic and Financial Affairs Council (ECOFIN) has issued a release announcing that agreement has been reached on a proposed Directive to update EU rules on the rates of value added tax (VAT). The agreement was reached in a meeting held on 7 December 2021. According to the release, the new rules reflect member states' current needs and the EU's present policy objectives, which have changed considerably since the old rules were put in place. The updates ensure member states are treat…