- The VAT Flat Rate Scheme has been abolished under Act 1151.
- Retailers, real estate developers, and certain commercial property suppliers must now charge VAT at the standard 15% rate instead of the previous flat rates.
- Affected businesses can now claim input tax for all eligible VAT incurred.
- This change represents a significant shift for sectors previously using the flat rate scheme.
Source: assets.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.
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