Tag: Value Added Tax

Unveiling the Economic Ramifications: The Impact of 16% VAT on Fuel and Fuel Products

The recent proposal to increase the Value Added Tax (VAT) imposed on petroleum from a rate of 8% to 16%, is bound to impact fuel prices and is poised to reverberate across various sectors of the economy. The VAT rate of 8% on petroleum products was first introduced in 2018 after a transition clause which […]...