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Tax Updates | May 2023
This is to provide updates on guidance recently issued by several local tax departments, including:
- Declaration of adjustment/replacement invoices
- Value added tax (VAT) rates applicable to returned goods, trade discounts and on adjustment invoices for goods which were eligible for the VAT reduction and were invoiced for prior to 31 December 2022
- Corporate income tax (CIT) incentives applicable to new investment projects with changes in investment registration information
- Tax implications of remuneration earned by individuals performing service contracts
- Foreign contractor tax (FCT) of the supply component in a contract with a foreign supplier
- Expenditures on indirect support which may not be deductible for CIT purposes to the enterprises providing the support