The Cabinet has approved a proposal to gazette the amended Special Goods and Services Tax Bill and Value Added Tax (Amendment) Bill for Parliamentary approval.
The Government said it has been proposed in the 2021 and 2022 budgets to replace the taxes and levies imposed under various statutory laws with a single tax that is managed online to increase the efficiency of tax collection on liquor, cigarettes, telecommunications, betting and gaming, and vehicles.
The Budget 2022 proposes to increase the value-added tax on financial services and to exempt medical equipment, devices, and chemicals donated to government hospitals and the Ministry of Health under epidemic or public health situations from the Value Added Tax.
The Attorney General’s clearance has been received for the Special Goods and Services Tax Bill and the Value Added Tax (Amendment) Bill prepared by the legal draftsman for this purpose.
Accordingly, the Cabinet of Ministers has approved the proposal presented by Hon. Minister of Finance to gazette the bills above and to submit for parliamentary approval consequently. (NewsWire)