VATupdate

Tax reform: the annual three-day VAT-free period & extension of temporary COVID-19 VAT exemption measures

  • The reform legislates for the annual three-day VAT-free period during which no VAT is payable on certain goods that otherwise would be subject to VAT to apply for 2022 and subsequent years. The VAT-free period originally was introduced for 2020 as a COVID-19 relief measure via Executive Order 682 of 2020. The goods include primarily necessities, toys, and school equipment.
  • The reform also extends a number of temporary VAT exemption measures introduced in response to COVID-19, including the temporary exemption for tourism and hotel services which is extended until 31 December 2022.

Source Deloitte

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