VAT rate for hospitality industry to be decreased form 15% to 12%

The VAT rate for the hospitality industry is proposed to be reduced from 15% to 12%. Such a provision was introduced in the draft budgetary-fiscal policy following public consultations and the approval of the fiscal and customs policy measures for 2021, IPN reports.

The Ministry of Finance said the process of public consultation and appraisal of the documents is over. Following the received proposals, the bill was supplemented with a number of provisions, such as extension of the right to deduct the costs paid by taxpayers in the form of admission taxes and dues for all the associations for representing the entrepreneurial activity in the amount of 0.15% of the labor remuneration fund, permission to deduct health insurance premiums from the income of nonresident private individuals obtained from work done in accordance with the work contract2.

Another proposal is to reduce the contribution from the sales revenues from mobile telephony services starting with 2022 from 2.5% to 1.5%.

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