VATupdate

32.1% overall increase in tax collection recorded in 2022, though VAT collection fell

Despite the increase in tax collection, the collection of VAT and excise taxes took a dip.

“Mr. Speaker, collections of value-added tax (VAT) and excise tax contracted by $9.6 billion, in 2022, amounting to $85.2 billion at the end of the year. This is attributed to the reduction of the excise tax rate applied to petroleum products, which resulted in a total loss of $17.2 billion on the collection of excise tax on petroleum products,” the Finance Minister told the house.

On the other hand , collections from VAT (net of refunds) expanded by $8.5 billion when compared with 2021, totaling $56.8 billion at the end of 2022,…

Source: newssourcecegy.com 

 

Sponsors:

www.vatupdate.com
VAT news
VAT news

Advertisements:

  • VAT news