Proposed changes to VAT exemptions from July 2009
Under a package of proposed tax changes announced by the government, a reduction in the scope of the VAT exemption is expected to take effect from 1 July 2009. In addition, a consolidated tax return system would be introduced from 2010, allowing taxpayers to opt for either the current separate tax return filing system, or the proposed new system, under which VAT would be imposed based on the VAT registration of a taxpayer, rather than the registration of individual business establishments.
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