Proposed Changes to VAT Status of Various Supplies in Finance Bill 2024

• The Chairperson of Finance and National Planning Committee of the National Assembly tabled the Finance Bill 2024 on 13 May 2024
• Changes will be effective 1 July 2024
• The Bill proposes to amend the VAT status of various products from exempt to taxable
• Proposed rate for taxable products is 16%
• Products include airplanes, spacecraft, gluten bread, unleavened bread, film production supplies, tourism facilities construction supplies, specialized hospitals construction supplies, adhesive, polythene film, release paper, musical instruments, financial services, and more
• The VAT status of financial services like credit cards, money transfer, foreign exchange, check handling, and debt assignment may change from exempt to standard rate supplies.

Source: globaltaxnews.ey.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.

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