VATupdate

Share this post on

Proposed VAT Act Amendments: Agricultural Registration, 0% Rate, Inventory Changes, and Group Operation Extensions

  • Proposed amendments to the VAT Act include allowing individuals in agricultural activities to register as separate VAT taxpayers.
  • The amendments aim to remove grounds for denying VAT deductions for deemed fictitious activities.
  • A 0 percent VAT rate may apply to certain insurance services and services linked to VAT-exempt goods.
  • The requirement for separate physical inventory information may be abolished.
  • The bill seeks to extend VAT group operation periods and clarify VAT settlement provisions.

Source: kpmg.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.



Sponsors:

Pincvision
VATIT Compliance

Advertisements:

  • Exchange Summit
  • Basware