Public Consultation for Draft Bill to Implement EU Legislation on VAT Act

The bill includes provisions to: 

• Change the VAT registration threshold to EUR 49,790. 
• Regulate processes for VAT registration exemptions and cancellations
• Exempt VAT for EU-purchased or imported goods and services if made accessible free of charge 
• Revise the VAT deduction requirement regulations for non-payment of VAT 
• VAT requirements for refund 
• Payment service providers’ recordkeeping duties for cross-border payments. 

Source: GVC