It is legally and practically impossible for the value-added tax (VAT) increase announced in the budget to be reversed by Parliament before the implementation date of April 1 as trade unions and civil society groups are demanding. In terms of the Value-Added Tax Act, the VAT increase takes effect from the date announced by the finance minister in the budget and continues to apply for a 12-month period subject to Parliament agreeing to it through the Rates and Monetary Amounts Bill. But Parliament will only process this bill later in the year. It is only through this bill that the VAT increase could be reversed. So according to the law, the VAT increase will come into effect on April 1. "Even if we reject the VAT increase through the fiscal framework report, it will come into effect on April 1. We need to process the Rates and Monetary Bill, which deals directly with the VAT increase," chairman of Parliament’s standing committee on finance Yunus Carrim said on Friday. His comments we...
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