June 8 2018

Proposed amendments to regulations for application of VAT Act – consultation launched

Source: IBFD Tax Research Platform News

On 29 May 2018, the Ministry of Finance published for public consultation a proposal for amendments to regulations for the application of the VAT Act. Below the most important topics mentioned in the proposal are listed:

  • the requirements related to annual adjustment of input VAT in the case of mixed use of business assets;
  • clarifications on input VAT adjustment in the case of VAT deregistration of a person;
  • details on the register of the persons exempt from the obligation for providing security to tax authorities when receiving liquid fuels;
  • clarifications regarding gold coins considered as investment gold and exemption from VAT on their importation;
  • the inclusion of goods provided under finance lease in the nomination of the formula for calculating the pro rata VAT deduction; and
  • the abolishment of the requirement for the submission of a list with the available assets at the date of the VAT registration.