2018/19 Budget Communication 2018_2019 BUDGET COMMUNICATION | Page 92

process, clarify the application of zero-rating for
international transport and auxiliary services, define
the process of trans-shipment, define ancillary
educational fees;
• The Business License Regulations are being amended
to ease the filing requirements of SMEs with turnover
under $10 million, by giving them the option of
submitting either certified or audited financial
statements or certified bank statements; businesses
with turnover in excess of $10 million will require
fully audited financials.
• the Real Property Tax Act is being amended to clarify
the definition of owner-occupied property;
• A wholesale change in the taxation policy for real
estate that exempts Real Estate from VAT, replacing
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