{"id":32046,"date":"2023-01-09T11:36:58","date_gmt":"2023-01-09T11:36:58","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/vat-reduction-from-17-to-16-is-already-in-force-but-accountants-consider-it-insignificant"},"modified":"2023-01-09T11:51:19","modified_gmt":"2023-01-09T11:51:19","slug":"vat-reduction-from-17-to-16-is-already-in-force-but-accountants-consider-it-insignificant","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/vat-reduction-from-17-to-16-is-already-in-force-but-accountants-consider-it-insignificant","title":{"rendered":"VAT reduction from 17% to 16% is already in force, but accountants consider it \u2018insignificant\u2019"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The Order of Accountants of Mozambique says that the reduction of VAT from 17% to 16% is \u201cinsignificant\u201d. To boost the economy, it suggests reducing imports.<\/p>\n

The reduction of the Value Added Tax (VAT) from 17% to 16%, now in effect, aims to boost the economy and increase the population\u2019s purchasing power.<\/p>\n

The Order of Accountants of Mozambique however considers that the 1% reduction is insignificant, considering expected inflation this year, which could reach around 11%.<\/p>\n

\u201cIt will obviously have an impact, but it is small. If we make a comparison with what happened in 2022, when the inflation rate was above 10%, reducing VAT from 17% to 16% is insignificant, because it will not affect the expectations of consumers in a desirable and favourable way,\u201d Abdul Hamid told O Pai\u0301s on behalf of the institution.<\/p>\n

The VAT reduction comes within the scope of the package of economic acceleration measures announced in August last year. They are meant to boost the national economy, hit in recent years by various national and international economic factors, including environmental and even political and military stability.<\/p>\n

Meanwhile, the Order of Accountants warns that the reduction in VAT could negatively affect some services and harm the final consumer.<\/p>\n

\u201cThe final consumer could be harmed, namely in health and education services. There are a number of reductions in the agricultural sector that are beneficial. It is possible to do more, and the state should rethink the measures to make the economy more dynamic,\u201d Hamid says.<\/p>\n

To boost the economy, Abdul Hamid argues that the country should produce more, export less, and expand the tax base.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. The Order of Accountants of Mozambique says that the reduction of VAT from 17% to 16% is \u201cinsignificant\u201d. To boost the economy, it suggests reducing imports. The reduction of the Value Added Tax (VAT) from 17% to 16%, now in effect, aims to boost the economy and increase the population\u2019s purchasing power. 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