Proposed VAT and NBT increase suspended by Finance Ministry

Business

The Finance Ministry has suspended implementing the proposed increase in the Value Added Tax (VAT) and Nation Building Tax (NBT) in the 2016 budget until the necessary legislation is gazetted and passed in parliament, ministry officials said on Wednesday.

Under the budget proposals, VAT was to come under two categories – manufacturing at 8 per cent and services at 8-12 per cent. NBT was to go up to 4 per cent from 2 per cent. – ENDS -