VATupdate

VAT measures proposed in 2023 budget

  • Removal of 14% VAT on the sale of residential properties
  • Removal of 14% VAT on new (less than four years old) electric motor vehicles (not hybrid) of any power rating
  • Removal of 10% excise tax on petroleum products while fuel prices remain elevated
  • Excise tax and VAT to be calculated on pre-pandemic freight costs until 31 December 2023

Source: KPMG

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