Regulatory Alerts2015-09-02
Added · Updated
FEPD Circular Letter No. 123/2015-17: Collection of 15% Withholding VAT on Fees for Issuance and Renewal of Import, Export and Indenting Registration Certificates
Approved Dealers Banks are required to withhold VAT at a rate of 15% on fees received for the issuance and renewal of Import, Export, and Indenting registration certificates, effective from the fiscal year 2010-2011. This obligation applies to all such certificates issued or renewed since that period and requires the withheld tax to be deposited into the government treasury. The directive implements instructions from the Office of the Chief Controller of Imports and Exports and the National Board of Revenue.
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