- VAT relief now applies to goods and services for reconnaissance and prospecting activities by licensed, registered taxable persons.
- Previously, these activities were not listed for VAT relief.
- Treating exploration input VAT as relief (not exemption) prevents VAT from being an upfront cost during exploration.
- This change reduces cashflow pressure for early-stage mining projects and supports investment.
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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