The general VAT rate will be increased by two percentage points (i.e., from 20% to 22%) on 1 January 2024.The VAT rate of accommodation establishments (including accommodation with breakfast) will be increased by four percentage points (i.e., from 9% to 13%) and the VAT rate of press publications will also be increased by four percentage points (i.e., from 5% to 9%), effective 1 January 2025.Under a transitional provision, those who entered into a contract for sales of goods or provision of a service before 1 May 2023 can apply the 20% VAT rate until 31 December 2025 if the contract stipulates that the transaction is subject to a 20% VAT rate and the contract does not stipulate a change in price as a result of a possible change in the VAT rate.
Source: kpmg.com
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