Government Abandons 15% Electricity VAT Policy Amid Strong Opposition and Revenue Concerns

• The government has repealed the policy of imposing a 15% VAT on electricity.
• The decision was made during a Cabinet meeting on February 2, 2024.
• The VAT policy faced strong opposition, particularly from the Trade Unions Congress.
• The government’s decision to abandon the policy is a response to public sentiment.
• The government will discuss revenue compensation with the IMF.
• The government is dedicated to balancing fiscal responsibility with public welfare.
• The final details regarding the elimination or reduction of the VAT on electricity are yet to be announced.

Source: bnnbreaking.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.