- Increase in Basic VAT Rate: The basic VAT rate will rise from 20% to 23%, impacting various goods and services starting January 2025.
- Changes to Reduced VAT Rates: Two reduced VAT rates will be implemented: 19% (up from 10%) for certain goods, and 5% (unchanged) for others, with a revised list of applicable items, including basic food, medicines, and accommodation services.
- Transitional Provisions: Adjustments for tax liabilities arising before January 1, 2025, will use the old tax rates for corrections, ensuring consistency in tax treatment during the transition period.
Sources
- Join our Linkedin Group on ”VAT Rates – Legislative changes”, click HERE
- Global Upcoming VAT Rate changes – Chronological, click HERE
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