Tax proposals in 2021 budget

• Increased VAT registration threshold is proposed.
• A voluntary registration scheme would be re-introduced
• Exemption for the sale of condominium housing units
• Exemption for information technology and enabling services (effective 1 January 2020).
• VAT rate change to 8% maintained consistently during the next five years except for banking, finance, and insurance sectors.

Source: KPMG

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