Withholding VAT

 
VAT Act 2012 has given certain business entities the responsibility to withhold VAT. 
Sub-section 21 of section 2 of VAT Act 2012 defined withholding entity to mean-
1. a Government entity (Ministry, board, authority, semi- Government, autonomous body, state owned entity, local authority or similar types of institutes);
2. a non-government organization approved by the NGO Affairs Bureau or the Directorate-General of Social Welfare;
3. a bank, insurance company or a similar financial institution;
4. a post-secondary educational institution; or
5. a limited company;