- Per 2020 output VAT in relation to the supply of goods and services shall be recognised on the date the supplier receives cash
- VAT exemption period applicable to agricultural producers has been extended by another five years
- Partial VAT refund to individual consumers for goods received from persons engaged in retail or catering businesses (15% of the value of VAT paid in on a transaction that is not paid for in cash and 10% of the value of VAT paid on a transaction paid for using cash).
- Input VAT related to taxpayers who carry on both VAT taxable and VAT exempt transactions. Input VAT paid on goods and services related to VAT taxable transactions claimable with the right documentation. However, no input VAT claimable if it relates to goods or services the taxpayer supplies to the government, even if the taxpayer’s supply to the government is subject to VAT.
Source: BDO
