At the presentation of the 2023 Budget by Minister of Finance, Hon. Dickon Mitchell, last December, it was indicated that from February 1, 2023, VAT on carbonated beverages, soft drinks/sodas, and drinks with added sugar will be raised from 15 percent to 20 percent.
Prime Minister Mitchell today said there’ll be a delay in this implementation due to the fact that time is needed to publish the items that will undergo the changes.
A VAT zero rate will also be introduced for basic foodstuffs and sanitary items.
Also from March, the Government is to substantially raise the excise taxes on alcohol and cigarettes which was due to be raised on February 1.
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