The Ministry of Finance on 24 August 2021, released several relief measures in response to the coronavirus (COVID-19) pandemic.
These relief measures include a reduction of value added tax (VAT), an extension of tax filing deadlines and a waiver or reduction of penalties.
- Two-year extension of reduced VAT rate of 7%
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The Cabinet approved the Ministry of Finance’s proposal to maintain the reduced VAT rate of 7% for another two years.
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The reduced 7% VAT rate will be inclusive of local taxes and applicable for VAT liabilities incurred from sales of goods, service provisions and import transactions from 1 October 2021 to 30 September 2023.
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- Extended tax return filing and tax payment deadlines
- Waiver or reduction of penalties and fines
Source KPMG
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