Assembly Considers Bill that reduces VAT on electricity and exempts food

The bill includes measures that would reduce the VAT rate for residential electricity to the 5 percent preferential rate, from the current 10 percent preferential rate, effective July 1 and until Dec. 31, in lieu of reverting to the 18 percent general rate; 2) exempt VAT on products for human consumption, such as basic food products, until Dec. 31

Source: news.bloombergtax.com

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