Fuelled by higher earnings from key taxes such as VAT and new sources such as the oil and gas industry, government’s revenue collection for the first half of this year rose by 13.1 percent to $97.2 billion.
This was disclosed in the Ministry of Finance’s Mid-Year Report, which was tabled in the National Assembly yesterday.
With the government having lowered the Value Added Tax (VAT) rate from 16 percent to 14 percent in this year’s budget but broadening its coverage, the take for the first half of this year had been eagerly awaited. The increase in VAT earnings would add credence to criticisms that the government had gained despite the lowering of the rate by 2 percent.
