- Amendments to VAT Law on financial services take effect Jan. 1, 2026.
- Changes include new rules for currency conversion transactions by small businesses, removing the 24-month VAT decision period.
- Reference to a detailed list of exempt financial services by a government institution is removed.
- Clarifies that administrative, physical, or technical services not changing the legal/financial situation are not VAT-exempt financial services.
- Updated examples are provided in the commentary.
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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