Parliament: Decrease in VAT Threshold: Extension Granted, but No Amnesty

The reduction of the VAT registration threshold from Rs 6 million to Rs 3 million in revenue, effective from October 1st, continues to raise concerns among small and medium enterprises (SMEs). Independent MP Franco Quirin asked the Prime Minister if he was considering an amnesty on penalties to assist new taxpayers in preparing and submitting their first declaration under favorable conditions. The Prime Minister reminded that, in accordance with...