The Finance Act 2020 (the “FA 2020″/ “the Act”) was signed into law on 31st December, 2020 and took effect from 1st January 2021. The Act introduced changes to 14 (fourteen) different laws, including the major tax laws which had initially been amended by the Finance Act 2019. Notable among these changes are the amendments made to the Value Added Tax Act1 (the “VAT Act”), which have effectively broadened the tax base whilst retaining the same tax rate of 7.5%.
Source: mondaq.com
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