The Minister of Finance in early August 2022 announced the following temporary reduction in the rates of value added tax (VAT)—for the period 1 August 2022 through 31 January 2023:
- Reduction in the standard VAT rate to 12% (from 14%)
- Reduction in the VAT rate for cooking oil and liquid petroleum gas to 0% (from 14%)
Source: KPMG
