JUST IN: National Assembly Proposes Bill on Tax Increment

The National Assembly (NASS) is considering a bill proposing an increase in the value-added tax (VAT) from 7.5 percent to 10 percent.

In the executive bill seen by TheCable on Sunday, the national assembly is seeking to raise the tax rate to 10 percent by 2025. The legislature also intends to increase the VAT to 12.5 percent by 2026 through 2029, according to the document.

Meanwhile, the bill also proposes a reduction in the corporate income tax (CIT) to 27.5 percent by 2025 — down from 30 percent — and a further cut to 25 percent by 2026.

THE CABLE