Financial Transactions Tax: An alternative to VAT increases
Friday, January 10, 2020
At the time, it became apparent that revenues could not match expenditures and suggestions were made to increase/review the rates of Value Added Tax (VAT) and income tax.
For the record, our VAT rate of 12% is the lowest in SADC whilst our corporate tax rate of 22% is second lowest, after Mauritius’ 15%. This article is dedicated to analysing the economic implications of a VAT increase as well as suggesting an alternative tax which could be introduced instead of raising the VAT rate.
The Ministry of Agriculture, local producers, retailers, and industry associations must work together to overcome the obstacles hindering vegetable production and distribution.This collaborative approach is essential to improve the availability, quality, and affordability of vegetables in the market.Firstly, the Ministry of Agriculture should provide support and guidance to local farmers to enhance their productivity and efficiency. This could...