The European Commission has announced the revised financial thresholds for regulated procurement, which will take effect from 1 January 2018. All of the equivalent sterling values are increasing, with the works threshold rising to £4,551,413 excluding VAT and services/supplies rising to £181,302 excluding VAT.
The revised thresholds are as follows (excluding VAT in each case):
Public sector excluding VAT
Utilities excluding VAT
Concession contracts excluding VAT
Contracting authorities will want to ensure that financial regulations and guidance documents are updated, and contractors involved in public sector provision will want to note that the thresholds requiring full compliance with the EU procurement regime have increased.
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