Govt to hike GST rate

Treasurer Patrick Pruaitch in handing down the 2016 budget of K14.2 billion says the increase in revenue is expected to come from excise duty and the goods and services tax.

And to a lesser extent, import excise and other taxes on goods and services.

The taxes on goods and services are projected at K3,137.4 million in 2016, an increase of K196.3 million from the 2015 Supplementary budget estimate of K2,941.1 million.

This means that people will be digging deeper into their pockets to pay the Goods and Services tax when they buy in shops.

Despite this, the Treasurer has praised the government for the stable economy of the country and says it will continue to serve the people of this great nation.

He added that the government will also focus on its key priority areas of education, health, infrastructure and transportation.

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Freddy Mou