Sales Tax Set For July 1

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Sales Tax will replace Value Added Tax on July 1, 2019 contrary to earlier reports that the new revenue measure will commence on April 1 this year, Finance Minister Margaret Mwanakatwe has announced in Parliament.

Mwanakatwe says she will introduce the Sales Tax bill on Tuesday next week for the first reading and then on June 11 for second reading.

Sales tax is a consumptive tax imposed by the government on the sale of goods and services.

A conventional sales tax is levied at the point of sale, collected by the retailer, and passed on to the government.

On the other hand Value Added Tax is a tax on the amount by which the value of an article has been increased at each stage of its production or distribution.

At the moment, Value Added Tax sits on 16 percent.


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