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Frequently Asked Questions on VAT

Last updated on 17 August, 2018


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How do exchange rates work for import of services from other countries?

The invoice generated for an import of services might be in a foreign currency. In this case, the tax liability for the service will be calculated by converting the currency using the exchange rates published by the Central Bank. The exchange rate used should be the one published on the date of supply of the service, and the date the invoice was issued should be used as the date of supply. 

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