The notice discusses: 1) the accurate application of VAT rates to different types of supplies, including sales without the right of credit, exempt sales with the right of credit, and exports; 2) the application of the 8 percent or 18 percent VAT rates to taxable sales; 3) how the Tax Agency is focusing on determining which businesses aren’t applying VAT rates correctly; and 4) that penalties may apply for noncompliance.
Source: bloombergtax.com
