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New VAT legislation

The Government is proposed to introduce a new VAT Act within the next one-year period, which would replace the current VAT regime. The new act would significantly modify the VAT status of the FSI sector, since both the definition of financial activity and the rules of group taxation is proposed to be changed. Deloitte keeps tab on the proceedings of the legislation and takes efforts in order to ensure a favorable and EC conform VAT regime for the FSI sector subsequent to the changes as well.