IMPLICATIONS OF THE MODIFIED/ AMENDED VAT ACT 2012: What is understood according to the VAT law details provided is that only taxpayers paying 15 per cent VAT rate are eligible for input tax credit while taxpayers paying VAT at various other rates will not be eligible for input tax credit. This sit

In the FY2019/20 budget speech, the Minister of Finance announced the introduction of a new VAT Law effective from July 01, 2019. The Value Added Tax and Supplementary Duty Act 2012 was enacted in December 2012 after three years of preparations for completing the draft with inputs from internationa

The new VAT law "The VAT and Supplementary Duty Act 2012" is set to come into effect with the new budget. Its full and effective implementation across the country, nonetheless, will probably take two-to-three more years. Different quarters have raised questions and expressed concerns about the impa