Ministry of Finance Clarifies Treatment of VAT on Pre-existing Contracts

Authored by: Ministry of Finance Source: Ministry of Finance Date: September 9, 2014 The Guidance Note on Transitional Arrangements that was issued on September 6, 2014 provides a summary review of a number of transitional provisions that are contained in the VAT legislation. One of these relates to the VAT treatment of contracts that are…

Ministry of Finance Clarifies Impact of VAT on Charities

Authored by: Ministry of Finance Source: Ministry of Finance Date: August 21, 2014 Representatives of the VAT team of the Ministry of Finance emphasized that Services provided by local charities and non-governmental organizations (NGOs) that directly relate to charitable activities will be VAT exempt and the VAT programme provides for recouping of some taxes paid…