- Clarifies input tax deduction rules for small business owners moving from small business regulations to standard taxation.
- Input tax deductions are excluded for services received and used before the transition, including advance and down payment invoices.
- Input tax adjustments are allowed if deductions couldn’t be claimed before the transition, subject to de minimis thresholds.
- VAT Application Decree is amended based on these clarifications.
- Transitional rule allows reliance on the previous VAT Application Decree for VAT returns filed through Nov. 10.
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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