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The Standard VAT rate is increased from 15% to 17% starting from 01 March 2012
Wednesday, March 28, 2012
 

 

The standard VAT rate will increase from 15% to 17% for supply of goods and services, as from 1 March 2012.

Therefore, all the supplies of goods and services that are taxable today with the standard VAT rate of 15%, from 1 March 2012 will become taxable with 17%.

The supplies of goods and services that fall under the zero VAT rate or are exempt from VAT will continue to have the same treatment for VAT purposes even after 1 March 2012.

In addition, please note that the change in the standard VAT rate will not affect the reduced rates of 5% and 8%.

With the forthcoming increase in the standard VAT rate from 15% to 17%, please note that the transitional provisions of Article 55 of the VAT Law apply, based on which a taxable person selling goods or providing services has the choice of applying the old VAT rate (15%) or the new VAT rate (17%), but only for certain cases.


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