Budget 2022: Payability of VAT on supplies of goods, Option to tax for financial services

As regards to value added tax (VAT), there are two new provisions—one relates to the payability of VAT on supplies of goods, and the other intends to “soften” significantly the rule governing the scope of option to tax for financial players.

Source KPMG

See also: Finance Bill 2022: Simplification VAT rules, VAT exemption for COVID-19 supplies, E-Commerce, Optional taxation financial transactions

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