The new tax measures mentioned by the Finance Minister during his presentation of the 2018 mid-year budget will be implemented from August 1, 2018.

The revised tax measures include the restructured VAT rate, Luxury Vehicle Tax, and 35 percent tax on persons earning more than ¢10,000.

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The review was also meant to ensure that government ends the year meeting its revised revenue target of ¢51 billion.

Amendments to VAT

The law is to revise the VAT rate to 12½ percent on the taxable value of good and service and imports.

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The Amendments would change section 3 of the VAT act 2013 (Act 870) to mandate a taxable person to account for tax payable under that section, at a rate of 12½ percent, calculated on the value of the taxable supply of the goods or services or the value of the import.

The government is looking forward to securing about ¢285 million from August to December 2018.

The various taxes were approved by parliament over the weekend paving the way for the implementation take off.