Instead, be prepared for the upcoming VAT increase rather than waiting for that final shoe to drop.
Ensure you know what immediate action needs to be taken by your business due to the increase in VAT by 0.5%.
This change will affect the following:
- Supplies of taxable services and goods
- Imported goods
- Imported services supplied by non-resident non-vendors
- Implications for businesses like price adjustments, system updates, and invoicing
- Time of supply rules
- Special considerations for ongoing transactions like rental agreements, construction, insurance and subscription services.
- Importation of goods and services
- Other specific types of transactions affected
- Anti-avoidance rules
