VAT goes up

source: Mmegi
Staff Writer

Government has increased Value Added Tax (VAT) by two percentage points, from 10 percent to 12 percent, as it tries to compensate for dwindled mineral and customs revenues by dipping its hands into the pockets of consumers.

VAT is an indirect tax levied on the supply of goods and services and is paid by the end consumer. In the 2010-2011 national budget, Finance and Development Planning Minister Kenneth Matambo said yesterday that the VAT increase, effective April this year, is one of the many measures that government has taken to get total estimated revenues as mineral income is not expected to reach normal levels until [continue reading]


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