Home Local News Gov’t announces 50% duty exemption on fuel imports for 6 months as...

Gov’t announces 50% duty exemption on fuel imports for 6 months as of June

12
0
Vehicle owners and the travelling public will welcome the news.
Advertisement

Minister of Finance and Treasury Harry Kuma has announced last week that the government will provide a 50 percent duty exemption on fuel imports and will remove sales tax on fuel across the board for 6 months starting June.

Delivering his 2022 Budget in Parliament last week, Kuma said: “I wish to announce that the Government will also provide a 50 percent duty exemption on fuel imports and will remove sales tax on fuel across the board for 6 months, and effective from 1st June, 2022. This is to ensure that the current increase in fuel prices does not have serious impact on all business, especially those in the rural areas.”

Advertisement

Fuel price has shot up in the past weeks due to the global increase that is blamed on the Russia-Ukraine crisis.

Many vehicle owners have already complaint on social media about the new prices which have seriously affected their movements.

Meawnile Kuma said the government is prepared to offer the following tax reliefs to help businesses in their recovery efforts.

  • (i)  Extension of deadlines to lodge tax returns. 

  • (ii)  Deferral of tax payments where it is appropriate based on a case-by-case basis. 

  • (iii)  Temporary suspension of penalties and interests for late filing of to reduce case 
flow pressures on businesses. 

  • (iv)  Fast track the process of tax refunds to support cash flows, or allow refunds to 
be offset against tax debts. 

  • (v)  Provide specific tax holidays for the tourism sector and 

  • (vi)  Consider goods tax exemptions on personal protective equipment (PPE). 


[email protected]

What you think?