The Fiscal Changes Law, published in October 2023, has introduced significant tax changes, including modifications to the VAT rates. These changes will come into effect on January 1, 2024. The key changes include:
- Increasing the VAT rate to 19% for food with added sugar, aligning it with the rate for sugary non-alcoholic drinks.
- Maintaining the 9% VAT rate for restaurant and catering services, except for sales of alcoholic and sugary non-alcoholic beverages, which will be subject to the 19% VAT rate.
- Raising the VAT rate from 5% to 9% for services related to access to malls, amusement parks, fairs, exhibitions, cinemas, cultural events, and sporting events.
Source 1stopvat
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