NCPO maintains 7-per cent VAT for one year
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NCPO on Thursday announced that the VAT will be maintained at 7 per cent for another year from October 1, 2014 to September 30, 2015 in an attempt to boost the domestic consumers' spending that will lead to the country's economic growth.
The VAT then will be increased to 10 per cent, effective from October 1, 2015 onward.
By the law, when buying products and services consumers in fact will have to pay the VAT at 10 per cent of those products and services' prices. But, the VAT was in exemption by previous governments that issued announcements to collect it at 7 per cent for many years.
