- Cabinet approval of draft decree on VAT for upstream oil sector
- VAT to be applied to all sales, services, and purchases domestically by oil companies and subcontractors
- Zero rate on sales and services conducted abroad by oil companies and subcontractors
- VAT to be applied on purchases made in the U.S.
- Certain imports by oil companies exempt from VAT, excluding crude and refined hydrocarbons
- Creation of dedicated tax service for VAT credit
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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