New Value Added Tax (VAT)
The COVID-19 pandemic has left lasting damage, not only to public health, but to the economy as well. A lot of effort will be required to recover both aspects, both by the government and by individuals. One of the steps that the government has taken to accelerate economic growth during this pandemic is issuing a new tax regulation in the form of Law No. 7 of 2021 regarding Tax Regulation Harmonization (Law No. 7 of 2021) on 29th October 2021 which revised many tax provisions, including the Value Added Tax (VAT) which was previously regulated in No. 42 of 2008 regarding Third Amendment to Law No. 8 of 1983 concerning Value Added Tax on Goods and Services and Sales Tax on Luxury Goods (Law No. 42 of 2008).
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