Parliament hikes VAT to 11 percent. $300 million to Treasury, together with fiscal stamps

Parliament has approved increasing VAT to 11 percent from the present rate of ten percent. The increase forms part of a tax hike that aims to finance an expected rise in public sector employees' salaries.

The hike will boost VAT revenues ten percent. Calculated on 2016 VAT figures, this will add $215 million to the Treasury. It will increase prices to consumers by around one percent.

Fiscal stamp fees were increased from three per thousand to four per thousand, with the potential t...

Article details