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Starting next year, VAT will also be refunded in these sectors
Starting next year, VAT will also be refunded in these sectors
A new amendment to the “Tax Code” regarding the “Refund VAT” mechanism is planned to take effect next year. The draft has been supported by the parliamentary committee on economic policy, industry, and entrepreneurship and has been recommended for discussion at the plenary session.
According to V. Bayramov, the new changes envision paying citizens a larger amount under the “Refund VAT” mechanism starting next year:
“As proposed, the ‘Refund VAT’ mechanism will also be applied to services provided by barbershops, beauty salons, and cosmetology centers. This means that citizens using these services will be able to reclaim part of the tax they pay.”
The MP noted that the aim of the new regulations is to increase transparency in these sectors and encourage cashless payments:
“At the same time, refunding part of the payments made for these services will enable consumers to receive additional funds, which has a direct stimulating effect. Thus, the new rules will not only allow consumers to recover part of their expenses but will also accelerate the process of formalizing (‘whitening’) this sector.”
A new amendment to the “Tax Code” regarding the “Refund VAT” mechanism is planned to take effect next year. The draft has been supported by the parliamentary committee on economic policy, industry, and entrepreneurship and has been recommended for discussion at the plenary session.
According to V. Bayramov, the new changes envision paying citizens a larger amount under the “Refund VAT” mechanism starting next year:
“As proposed, the ‘Refund VAT’ mechanism will also be applied to services provided by barbershops, beauty salons, and cosmetology centers. This means that citizens using these services will be able to reclaim part of the tax they pay.”
The MP noted that the aim of the new regulations is to increase transparency in these sectors and encourage cashless payments:
“At the same time, refunding part of the payments made for these services will enable consumers to receive additional funds, which has a direct stimulating effect. Thus, the new rules will not only allow consumers to recover part of their expenses but will also accelerate the process of formalizing (‘whitening’) this sector.”