Finance and Economic Planning, Minister Patrick Chinamasa
GOVERNMENT lost over $2,7 billion in potential revenue last year after removing value added tax on some basic products, the national tax collector has said.
Value added tax (VAT) is an indirect tax on consumption, charged on the supply of goods and services.
Finance and Economic Development Minister Patrick Chinamasa last year repealed Statutory Instrument (SI) 20 of 2017, which provided for the charging of VAT at a standard rate of 15 percent on beef, chicken, fish, rice, potatoes, margarine and mahewu.