VATupdate
VAT

Tax Simplicity and Progressivity Law enacted

A new tax regime for microenterprises (entities with no more than nine employees and gross sales below USD 300,000 annually) is introduced that applies for income tax, VAT and excise duty purposes.

Digital services supplied by nonresidents to residents will be subject to VAT at the standard 12% rate, with the taxable event being the time of payment for the services.

Source: Deloitte

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