- Tax burden is being reduced with VAT refunds for certain sectors.
- VAT refunds apply to tour operators, hotels, catering businesses, livestock, and poultry farms.
- From January 1, 2025, catering businesses will receive a portion of VAT paid to the state budget.
- Refund amount depends on the share of cashless payments during the reporting period.
- 60 percent or more cashless payments result in a 40 percent VAT refund.
- Less than 60 percent cashless payments result in a 20 percent VAT refund.
- From January to April 29, 121 catering businesses received nearly 2.5 billion in VAT refunds.
- Main change: reduced income share requirement from catering services for VAT refund eligibility.
- Previously, 90 percent of income needed to be from catering services; now, 80 percent suffices.
- Income data is automatically verified through various sources.
- Change applies to March 2025.
- Full VAT amount must be paid to the budget for the reporting period.
- Refund applications can be submitted within 3 months after filing tax reports.
- If the tax amount changes due to revised reports, the refunded portion must be repaid to the budget.
- Reference: VMQ-745, November 7, 2024.
Source: facebook.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.
