Government eliminates withholding taxes on credit card sales to support small businesses.

• Government eliminates withholding taxes on VAT and Income Tax on sales by businesses
• Businesses will no longer have to suffer withholding taxes on credit card and other payment method sales
• The measure will be published in the Official Gazette this week
• Exporters are pressuring for a reduction in withholding taxes to prevent a drop in dollar income in 2025
• The Government is advancing with the regulation of the Fiscal Package
• The Government announced the elimination of withholding taxes on Income Tax and VAT for retail businesses in sales with cards and other payment methods
• The Ministry of Economy expanded the benefits to the private sector in the regulation of the Fiscal Package
• There will no longer be withholding taxes on Income Tax and VAT for businesses in sales with debit, credit, and other electronic payment methods.

Source: ambito.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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