Effective 1 July 2016, VAT refunds will only be paid in cash in certain situations (e.g. exporters, new projects). In all other cases, excess VAT credits need to be carried forward for future offset.
Companies with a significant VAT refund position need to quickly consider whether a VAT refund should be applied for.
The amended regulations are unclear as to whether a VAT refund application must be lodged before 1 July, but our recommendation is that you ensure applications are submitted before this date.
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