- VAT exemption for unprepared food items: The Bill removes VAT on qualifying unprepared food items when sold wholesale or retail by food stores, aiming to lower the cost of essential goods for consumers.
- VAT exemption on imports by food stores: Imports of the same qualifying unprepared food items by food stores are also exempt from VAT, aligning import treatment with domestic supplies.
- Schedule restructuring and reduced-rate alignment: The Second and Fourth Schedules are amended to clearly list exempt goods and to realign remaining essential goods under a reduced VAT rate of 5%, ensuring consistency in VAT treatment of essential supplies.
Source gov.bs
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