VATupdate

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VAT proposals in pending legislation

  • Recognize the definition of bio-degradable packing material
  • Limit the period within which to claim an input tax credit
  • Require the filing of VAT returns by taxable persons
  • Concern the refund of tax for use of electronic receipts or invoices
  • Remove certain services from the schedule of exempt supplies (supplies exempt from VAT)
  • Change the rules for zero-rated supplies

Source KPMG

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