- Contractors in the construction sector face uncertainty due to the NBR’s indecision on allowing payment of the standard 15% VAT rate.
- The lack of a clear directive has caused payment delays, project disruptions, and financial losses, prompting some contractors to seek High Court intervention.
- The High Court has ordered the NBR to resolve the issue within 15 working days.
- Contractors prefer the 15% rate to access input tax credits, but NBR officials worry this could reduce government revenue.
- The NBR is considering a gradual transition to the 15% VAT rate for reduced-rate sectors but has not yet defined the required procedures.
Source: tob.news
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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