The Ministry of Finance issued Notice No. 1360/MOF dated 23 April 2024 stating that effective from 1 May 2024, the 10% value added tax (“VAT”) rate will be implemented as discussed in our news alert dated on March 20, 2024. Here are brief details of the notice. VAT-taxable activities VAT calculation Any invoices for goods […]

On 11 January 2017, the Ministry of Finance released Instruction No. 0077/MOF on the Implementation of the Law on Value Added Tax (“the Instruction”) to clarify the rules on value added tax (“VAT”). The Instruction heralded in quite a few changes for the financial sector. Now, with four months of experience seeing it put into […]

The applicability of value added tax (“VAT”) on banking activities has shifted from a broad exemption regime under VAT Law No. 04/NA dated 26 December 2006 – “operations relating to banking services, financial institutions” – to a limited exemption scope under VAT Law No. 52/NA dated 23 July 2014 – “deposit interest, loan interest from […]