Oil marketers could be slapped with more than Sh4 billion tax bill for the 21 days Value Added Tax on petroleum products was levied at 16 per cent.
The levy on Saturday reduced to eight per cent following the coming into law of the Finance Bill 2018 that revised VAT on fuel downwards to eight per cent in a move that has been touted as a compromise deal by the State.
Since September 1, however, VAT on petroleum products was levied at 16 per cent despite public outcry.
According to daily consumption patterns of diesel, kerosene and super petrol, the Government may have netted about Sh4 billion from the higher levy. Read more
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