The Simplified VAT Scheme (S-VAT) has been abolished, effective from today (1).
This decision comes despite requests from the country's main exporters' associations to the government to postpone the move.
Exporters had warned that the abolition of the S-VAT system would lead to numerous issues, as the VAT refund process has not been adequately formalised.
In separate financial news, the deadline for paying the final instalment of the corporate and personal income taxes for the 2024-2025 revenue years expired yesterday.
