Fiscal subject related
Content
Here's a breakdown of the current VAT rates:
- 1% VAT Rate: This rate applies to agricultural products and certain essential goods
- 10% VAT Rate: Recently increased from 8%, this rate now applies to food and beverage services, including restaurant and cafe services
- 20% VAT Rate: The standard VAT rate for most goods and services, including some non-essential food and beverage products
Application in Different Scenarios:
- Essential Food Items: Basic foodstuffs that are considered essential for nutrition are taxed at the lower rate of 1%.
- Food and Beverage Services: When food items are served as part of a service by restaurants, cafes, and similar establishments, they are taxed at the 10% rate.
- Non-Essential Items: Certain food and beverage items that are not deemed essential are subject to the standard rate of 20%.
Businesses need to implement correct VAT rates in different scenarios as there have been cases of improper VAT rates applied in the service industry in particular.
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