Legislative Assembly Considers Bill Proposing Temporary VAT Reduction
Legislative Assembly Considers Bill Proposing Temporary VAT Reduction The Legislative Assembly has admitted Bill 22.013 which proposes a 1-year VAT reduction of 30% for all goods and services subject to VAT (see Note below).
This measure aims to help improve the economic situation of individuals and enterprises that are affected by the economic consequences of the COVID-19 pandemic. The Bill was accepted for consideration on 2 June 2020 and will be submitted for legislative approval, requiring two mandatory discussions (with vote).
Further details will be reported in due course.
Note: Currently, the standard VAT rate is 13%.
Source Credit – IBFD