VAT increase to 14% could be split over two years

Friday, November 20, 2020

Higher levels: Consumers will have to pay more for goods next year PIC: MORERI SEJAKGOMO

A Finance and Economic Development ministry committee is scheduled to soon decide whether the increase in Value Added Tax (VAT) from 12% to 14% will take place over one or two years.

BusinessWeek is informed that the Taxation Review Committee will be meeting soon and give recommendations that will ultimately be considered by Cabinet ahead of the next budget.

The ministry’s permanent secretary, Wilfred Mandlebe said the VAT increase was in line with the Economic Recovery and Transformation Plan approved by the Winter Parliament.

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