The Government introduced significant changes in the country’s indirect taxation system in January 2024 to increase public revenue and create a more competitive business environment. The changes include lowering the VAT threshold, imposing VAT on electronically supplied services to non-taxable residents, and increasing the Standard VAT Rate from 15% to 18%. The new VAT Law came into effect on January 1, 2024. The move to impose VAT on digital services has caused concern for local businesses, while foreign providers are currently exempt. However, there may be discussions in the future about imposing tax liability on foreign providers operating in the country.
Source 1stopvat
- Join the Linkedin Group on VAT/GST and E-Commerce HERE
