- The effective VAT rate has been reduced from 21.9% to 20%.
- The new rate consists of 15% VAT, 2.5% NHIL, and 2.5% GETFL.
- Levies are now claimable as input tax, unlike before.
- This change removes the cascading effect, restores tax neutrality, and lowers costs for businesses and taxpayers.
Source: assets.kpmg.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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