Maravi

Parliament adopts report on VAT Act amendment

Parliament adopts report on VAT Act amendment
By Mutuna Chanda
Thursday February 21, 2008 [03:00]

PARLIAMENT has adopted the report for the amendment of Value Added Tax (VAT) Act, which seeks to lower the current rate of 17.5 per cent by 1.5 per cent. This was after finance minister Ng’andu Magande introduced the VAT amendment bill, together with the income tax and, Customs and Excise amendment bills in Parliament on Tuesday. Parliament also adopted the reports on the income tax amendment bill and the customs and excise amendment bill.

Chairman of parliamentary committees Mkhondo Lungu directed the committee tasked to receive recommendations on the VAT amendment bill and the other two bills to submit their reports to parliament on Tuesday, March 4.

“All those members of parliament who wish to make recommendations or amendments to the bill should do so before Tuesday, March 4,” said Lungu.

The VAT amendment bill seeks to reduce the current rate from 17.5 per cent to 16 per cent.

Among other changes that the income tax amendment bill seeks to introduce is the increase in the tax-exempt threshold from K500, 000 to K600, 000.

Labels: VAT

posted by MrK @ 7:45 AM