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,…