Latest news with #Value-AddedTax
IOL News
03-07-2025
- Business
- IOL News
Rising food prices jeopardise school nutrition programme for millions of learners
Services providers who provide food for schools' feeding schemes say the rising cost of food is impacting on their businesses. Image: Independent Newspapers Archives The National Student Nutrition Programme (NSNP) Service Providers Association has raised alarm over the rising prices of zero-rated food items, warning that the increases threaten the sustainability of the feeding scheme programme and could leave millions of schoolchildren without their only nutritious meal of the day. Spokesperson Thabang Mncwabe said the association had noted with deep concern recent reports indicating a significant increase in the prices of zero-rated food items, despite these products being exempt from Value-Added Tax. "According to the latest data, the average cost of key zero-rated staple foods including maize meal, brown bread, and samp has risen by over 4.1% in the past year," said Mncwabe. "The cost of a basic food basket has increased by R113, putting pressure not only on households but also on NSNP service providers who are mandated to deliver nutritious meals daily to millions of learners under stringent fixed-budget contracts." Mncwabe said the rising prices were having a direct and adverse effect on service providers. He explained that many of them are working within contracts that do not make provision for inflationary escalations or economic shocks. As a result, service providers are forced to either absorb the additional costs, compromising business sustainability, or reduce meal quality and portions, which undermines the objectives of the NSNP. He warned that if the issue is not urgently addressed, it may lead to service disruptions, delayed deliveries, and in the worst-case scenario, the complete withdrawal of service providers. "Such outcomes would have devastating consequences for the education and wellbeing of millions of learners who rely on the NSNP for their only nutritious meal of the day." Mncwabe called on the Department of Basic Education, the National Treasury, and other relevant stakeholders to urgently review the current pricing model and implement inflation-linked contract adjustments. He also appealed for emergency funding to cushion providers against further economic volatility and urged engagement with the Association to develop a sustainable pricing and procurement framework. He said the Association also supports exploring community-based procurement from local producers and farmers to improve cost-effectiveness and support local economies. "The NSNP Service Providers Association remains committed to the core mission of ensuring that no child goes to school hungry," said Mncwabe. "We reiterate our willingness to work collaboratively with government, civil society, and industry experts to develop lasting solutions to the challenges posed by rising food costs." THE MERCURY
CairoScene
01-07-2025
- Business
- CairoScene
Cigarette Prices Rise in Egypt Following VAT Law, Merit Now EGP 105
Prices for heated tobacco products have also gone up, with Heets now at EGP 69. Jul 01, 2025 Cigarette prices in Egypt have risen following the implementation of the newly amended Value-Added Tax (VAT) law, according to Ibrahim Embaby, head of the Tobacco Division at the Federation of Egyptian Industries. Merit now sells for EGP 105 per pack, Marlboro for EGP 97, Marlboro Crafted for EGP 79, and L&M for EGP 76. Prices for heated tobacco products have also gone up, with Heets now at EGP 69, Terea at EGP 76, and Terea Capsule at EGP 80. The average increase is around 12%, aligning with recent legislation that will raise cigarette price thresholds by 12% annually through 2028.
Daily News Egypt
29-06-2025
- Business
- Daily News Egypt
ETA announces targeted amendments to Value-added Tax Law
The Egyptian Tax Authority (ETA) announced on Sunday a set of limited amendments to the Value-Added Tax (VAT) Law, designed to broaden the tax base, correct market distortions, and strengthen the state's capacity to finance increased investments in human development. The Authority noted that these changes were introduced in response to recommendations from representatives across several productive sectors. In its official statement, the Authority confirmed that there would be no changes to VAT exemptions on essential goods, food products, healthcare services, or education, and no increase to the general VAT rate. 'We are working to eliminate distortions in the current system to enhance tax equity, meet the demands of the business community, and promote integration with digital tax systems,' the Authority said. 'The aim is to expand the tax base in alignment with the standards of the World Health Organization, the World Tourism Organization, and global best practices.' As part of the reforms, the construction sector will now be subject to the standard VAT rate instead of the previously applied 5% schedule tax. Contractors will be eligible to deduct all applicable input taxes on goods and services, including those paid on machinery and equipment used to perform construction work. The ETA noted that this shift may lower overall construction service costs, as input taxes will no longer be included in the taxable base. Contractors will also be entitled to reclaim VAT on qualifying purchases, provided they present proper invoices—helping support efforts to formalise the sector and expand the tax base. The statement also clarified that shops and administrative units located in non-commercial areas will continue to be exempt from VAT. However, administrative units located within commercial premises—such as malls and commercial centers—will now be taxed at 1% of their sale or rental value. The move is intended to align the treatment of these units with existing taxes applied to commercial shops within the same zones. Under the new amendments, crude oil—distinct from petroleum products—will now be subject to a 10% schedule tax. This change is not expected to affect domestic petroleum product prices, as the Egyptian General Petroleum Corporation remains the sole purchaser of crude oil in the country. The tax will be accounted for in the Corporation's upcoming budget and is expected to be offset by projected cost savings. In response to formal requests from companies operating in Egypt, the revised law also expands cigarette tax brackets and increases the fixed tax on cigarettes by EGP 0.50—the first increase since 2023. Additionally, a new fixed and progressive schedule tax has been introduced on alcoholic beverages, calculated based on alcohol content, replacing the former proportional tax on sale value. The Tax Authority stressed that these amendments are part of a broader strategy to address sector-specific concerns, support producers and manufacturers, and ensure compliance with international public health and economic standards.
United News of India
27-06-2025
- Automotive
- United News of India
Maharashtra fuel costs dip slightly amid persistent high rates
Mumbai, June 27 (UNI) Fuel prices remain a significant burden for residents across Maharashtra, directly impacting household budgets and broader inflationary pressures. The latest petrol and diesel rates, effective from 6 AM today, June 27, 2025, have been officially announced statewide. Authorities urge motorists to verify the updated costs specific to their location before refuelling. While providing modest relief, today's figures confirm petrol continues to exceed 104 rupees per litre across most major urban centres in the state, with diesel generally priced above 91 rupees. Notable examples include Ahmednagar at 104.59 rupees for petrol and 91.12 for diesel, Akola at 104.64 and 91.18 rupees, and Amravati at 104.88 and 91.41 rupees respectively. Aurangabad reports petrol at 104.53 and diesel at 91.05 rupees. Regional variations persist. Bhandara's petrol costs 104.67 rupees, while Beed sees a higher rate of 105.50 rupees; diesel in these cities is priced at 91.21 and 92.03 rupees respectively. Mumbai City offers the lowest observed petrol price at 103.50 rupees and diesel at 90.03 rupees. Conversely, Nandurbar recorded the highest petrol price at 105.97 rupees, with Palghar seeing the peak diesel cost of 99.43 rupees. Other cities like Buldhana, Chandrapur, Dhule, Gadchiroli, Gondia, Hingoli, Jalgaon, Jalna, Kolhapur, Latur, Nagpur, Nanded, Nashik, Osmanabad, Parbhani, Pune, Raigad, Ratnagiri, Sangli, Satara, Sindhudurg, Solapur, Thane, Wardha, Washim, and Yavatmal show petrol prices ranging within this spectrum. These daily fluctuations are driven primarily by volatile international crude oil markets, compounded by local factors including Value-Added Tax (VAT), state levies, and transportation expenses. The slight decrease noted today offers consumers a minor respite, though rates remain substantially elevated. Fuel prices are dynamically adjusted each morning to reflect prevailing global and domestic market conditions. UNI AAA ARN
United News of India
25-06-2025
- Automotive
- United News of India
Maharashtra sees slight petrol-diesel price relief; Mumbai remains cheapest
Mumbai, June 25 (UNI) Maharashtra recorded a marginal decline in fuel prices today, offering modest relief to consumers amid persistent inflation concerns. The 6 AM revision showed petrol continuing above 104 per litre across most districts, while diesel remained over 90 statewide, with international crude trends and local levies maintaining pressure on household budgets. Mumbai maintained its position as the lowest-cost metro, with petrol at 103.50 and diesel at 90.03 per litre. Significant variations persist across regions: Ahmednagar (104.30 petrol, 90.83 diesel), Aurangabad (104.73 petrol, 91.24 diesel), and Beed report the highest at 105.50 for petrol alongside 92.03 for diesel. Multiple districts, including Hingoli, Parbhani, and Yavatmal, matched Beed's peak petrol rate. The slight downward adjustment reflects recent global oil market movements, though Value-Added Tax (VAT), transportation costs, and state-specific taxes continue to influence regional disparities. Daily price revisions by oil marketing companies ensure alignment with international benchmarks. While today's dip provides fractional respite, economists note fuel costs remain a critical inflation indicator, with further volatility expected amid fluctuating crude markets and domestic fiscal policies. UNI AAA ARN
