VAT on non-profits and financial institutions

non-profit

A non-profit pays a 7.5% payroll tax on the wages of its employees, instead of VAT.

financial institution

A financial institution (bank, insurance company) pays profit tax at the rate of 17% and payroll tax at the rate of 17%.

Important Note: The information on this website is for general informational purposes only and does not constitute professional tax advice. Consult a qualified tax advisor before making financial decisions.