VATupdate

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VAT amendments, revised definitions intended to provide relief for certain sectors

Industries or sectors that may be affected by the update include:

  • Financial services industry
  • Energy sector
    • Modification of the definition of “petroleum products”
    • Exemption of gas supplied within the power sector
    • Exclusion of previously exempt items—natural gas, imported liquefied petroleum gases, and other gaseous hydrocarbons
    • Exempt renewable energy equipment
  • Consumer and industrial markets, infrastructure and agriculture sectors
    • Consumer and industrial manufacturing sector
    • Agriculture sector
    • Transportation sector

Source: KPMG

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