The 2.5 percent increase in the Value Added Tax (VAT) took effect from Wednesday, 8th January, 2014.
Parliament in November 2013 approved the increase from 12.5 percent to the current 15 percent, including National health insurance levy.
The approval by parliament was met with fierce resistance from the minority.
Finance Minister, Seth Tekper in presenting the 2014 budget statement explained that proceeds from the increment will be channeled into the infrastructure fund, which will take off in the first quarter of this year.
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |