VAT Increase Withdrawal
Please find herewith the Media Statement on the reversal of the VAT rate increase with an extract of the same below, for your perusal. The Media Statement indicates that the Minister of Finance will shortly introduce the Rates and Monetary Amounts and the Amendment of Revenue Laws Bill (Rates Bill), which proposes to maintain the Value-Added Tax (VAT) rate at 15 (Fifteen) % from 1 May 2025, instead of the proposed increase to VAT announced in the Budget in March.
