VAT Rates
The three VAT rates will be replaced with a simplified twoVAT rate system. The new rates are as follows:
1. 9% VAT will increase to 15%, and 0% will be maintained.
2. The 21 zero-rated items will be increased to 22 items with the addition of prescribed medicine.
• This policy will be effective from 01 August 2023.
VAT Monitoring system: VMS Implementation will be put on hold
Source Frcs.org
