VATupdate

GST amendment bill for 2022 budgetary measures

  • GST rate increase from 7% to 8% which will take effect from January 1, 2023, until December 31, 2023. 
  • GST rate increase from 8% to 9% which will take effect January 1, 2024. 
  • The implementation of a zero-VAT rate for travel arranging services effective January 1, 2023.
  • Change of GST transition rules for all imported goods and non-digital service 
  • The overseas vendor registration and reverse billing regulations for TAX security will be enhanced from January 1, 2023. 
  • A non-compliant fine of (EUR 500,000) and a 10-year maximum imprisonment term will be imposed effective January 1, 2023.

  Source: GVC

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