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The existing VAT rate of 11% has been increased to 12.5% in the 2016 Budget, resulting in the enhanced charges for services, a source said.
However the VAT on manufactured goods has been reduced from 11% to 8%. Accordingly, a reduction in the prices of these items is expected. Essential items will continue to be exempt from VAT. The Nation Building Tax has been increased from 2% to 4%.
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