- Payment processing companies, payment aggregators and electronic payment companies have been appointed as withholding and collection agents of the Value Added Tax (VAT).
- The withholding rate is 2% of VAT paid and, in case of collections, these entities should collect 100% of VAT paid.
- Services provided by payment system administrators, electronic payment entities, payment processing companies, payment aggregators and ATM network administrators are recognized as financial services exempt from the VAT.
Source EY
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