Recap of taxes in the 2022 budget…
1.Increased VAT by 5% and this affected all items (through the decoupling of NHIL and GETFund Levies)
2.Luxury car tax
3. 3% VAT flat rate
4. COVID-19 tax
5. Sanitation tax
6. 5% National Fiscal Stabilization Levy (should have expired in December,2017 but was extended indefinitely making it a new tax)
7. 2% component of Special Import Levy (extended beyond 2017 sunset clause making it a new tax)
8. Increased ESLA by 30% and extended it for another 15 years
9. Increased Communication service tax by 50%
10. Increase the VAT Flat rate from 3% to 4%
11. Financial Sector Levy of 5% on all Banks
12. Price Stabilization and Recovery Levy on fuel increase by 40%
13. The Unified Petroleum Pricing Formula has been increased by 164%
14. BOST margin has increased from 3 Pesewas to 9 Pesewas representing 200% increase.
15. The fuel marking margin levy has also been increased by another 233%
16. Reversal of Benchmark Values discounts which will lead to a 25-30% increase in prices of imported items.
17. Electronic Transactions Levy which will affect Momo,Bank Transfers,Merchant Payments and Inward Remmitances.
18. 15% in All government fees and charges.