NewsThe controversial Value added Tax (amendment) Bill to taken up for debate today. The Supreme Court has ruled that the Bill is consistent with the Constitution. In terms of the bill, VAT will be charged at 15 percent while the threshold of registration for VAT has been reduced from Rs. The imposition of VAT applies among others to wholesale and retail trade where the threshold is more than Rs. Three other finance bills, namely the Ports and Airports Development Levy (Amendment), Nation Building Tax (Amendment) and Appropriation (Amendment) Bills will also be taken up today along with the VAT Bill.

Source: Sunday Times October 26, 2016 03:56 UTC