The National Assembly has assented to an affirmation order meant to initialize the VAT Tax (Amendment) Regulations of 2016, which will bring such changes on stream as the payment of VAT on water and electricity.
Moving the motion, on Saturday morning last, Minister of Finance Winston Jordan told the House that the order will amend Regulations 2, 3, 8, 13 and 14 of the VAT Act.
Regulation 2 which establishes the VAT rate at 16% is amended to read 14% and Regulation 3 raises the earning threshold for those required to submit VAT returns from $10 million to $15 million. Additionally, the new Regulation 13 zero-rates electricity provided that the consumption does not exceed $10,000 per month and Regulation 14 has been amended to
