February 2026 - Creative Finance

Expenses include costs arising from the normal operations of a business, as well as losses that are not necessarily related to revenue generation. Examples of normal operating costs include cost of goods sold, employee salaries, and equipment depreciation.

Predominant exporter status plays an important role within the VAT system, primarily due to different VAT refund deadlines in situations where the amount of input VAT exceeds the amount of VAT liability and the taxpayer opts for a VAT refund.