Supply of services for people serving as board members will not be subject to value-added tax from next year, the Ministry of Finance said on Thursday.
“The supply of services for natural persons serving as members of boards of directors will not be subject to VAT from 01 January 2023,” the ministry said.
The ministry added that before the new legislative amendment takes place, tasks performed by board members are treated as taxable services subject to VAT if the “member provides them on a regular, continuous and independent basis”, and if the “total value of these taxable supplies as well as any other taxable services and import transactions exceeds the mandatory tax registration threshold”.
