- GOS proposes to re-evaluate the exemptions list and it is expected that the same would be streamlined w.e.f. 01/04/2023. Currently, the VAT Act has a list of exemptions in excess of 250.
- A list of active VAT registered persons will be published in the Inland Revenue website.
- It is proposed to introduce a new VAT Act by consolidating the amendments introduced from year 2002 to year 2022.
Source: KPMG
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