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In reference to the Ministry of Finance (“MOF”)’s decision to decrease the VAT rate from 10% to 7% (include local tax) in force from April 1, 1999 to September30, 2008, we are pleased to report that the measure will been extended until September 30, 2010. The MOF deemed it appropriate and necessary to maintain the VAT at the rate of 7% for another 2 years, i.e. until September 30, 2012 in order to support consumers and investment of the private sector. In this regard, the MOF proposal was approved in principle by the Cabinet on August 3, 2010. The approved draft of the Royal Decree will soon be submitted to the Office of the Council of States for an emergency consideration.
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