Business News of 2014-01-09

2.5 percent VAT increase takes effect

The 2.5 percent increase in the Value Added Tax (VAT) took effect from Wednesday, 8th January, 2014.

Parliament in November 2013 approved the increase from 12.5 percent to the current 15 percent, including National health insurance levy.

The approval by parliament was met with fierce resistance from the minority.

Finance Minister, Seth Tekper in presenting the 2014 budget statement explained that proceeds from the increment will be channeled into the infrastructure fund, which will take off in the first quarter of this year.

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