- The new VAT law clarifies the destination principle for taxable transactions.
- The law simplifies rules on deemed taxable transactions.
- The law sets out four types of non-taxable transactions.
- The existing three-tier tax rate structure is preserved.
- The applicable tax rate for a transaction involving different tax rates is determined by the main transaction.
- A clearer definition of sales revenue is provided.
- The law adjusted the scope of non-creditable VAT.
- Taxpayers can carry forward or seek refund of excessive input VAT.
- Exemptions for sectors like agriculture and welfare are included.
- Enhanced information-sharing systems between tax authorities and other government bodies are mandated.
Source: jdsupra.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
