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2023 budget: Increase VAT rate, change registration threshold, VAT exemption reforms and rollout electronic VAT invoicing

  • Increase the value added tax (VAT) rate
  • Review the existing VAT registration threshold under VAT Act 870
  • Introduce major reforms in connection with VAT exemptions
  • Rollout electronic VAT invoicing to large taxpayers (including listed companies)

Source: KPMG

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