VAT rising: eating out in restaurants, buying clothes or eating sweets will cost you more
15% Value Added Tax (VAT) is payable on the food bill in restaurants. Earlier this VAT on air-conditioned (AC) restaurants was 5%, but now the interim government has decided to increase it to 15%.
Some amendments have been made in the Value Added Tax and Supplementary Duties Act for this change. The approval of the revised draft ordinance was given in the Advisory Council meeting on Wednesday, but the government has not officially disclosed the details. According to the National Board of Revenue (NBR), some changes have been reported.
Considering the government's financial requirements, initiatives have been taken to increase revenue by increasing VAT and duty on various goods and services. As a result, the cost pressure will increase on the middle class and upper middle class.
0 Comments