Post by alexanderblanchard on Jan 17, 2013 12:39:24 GMT -5
There is an ongoing discussion on the implementation of VAT on medicines.
The facts for those who have been following the discussion is as follows
PREVAT duties were:
IMP duty/ Consumption Tax/ Service Charge/ VAT/ TOTALDuty
10% 5% 5% NIL 20.5%
AFTER VAT
15% Nil 5% 15% 38%
Since 15 th October
10% Nil 5% 15% 32.25%
As can be seen, after the implementation of VAT the total duties increased by 17.5% and after protestations in the media the increase was dropped to 11.75%. As one diabetic on a retirement budget said he is screwed any how he rationalizes it , buy the medicine and he may starve to death, buy food and with his meager budget he will die from sugar related attacks.
The facts for those who have been following the discussion is as follows
PREVAT duties were:
IMP duty/ Consumption Tax/ Service Charge/ VAT/ TOTALDuty
10% 5% 5% NIL 20.5%
AFTER VAT
15% Nil 5% 15% 38%
Since 15 th October
10% Nil 5% 15% 32.25%
As can be seen, after the implementation of VAT the total duties increased by 17.5% and after protestations in the media the increase was dropped to 11.75%. As one diabetic on a retirement budget said he is screwed any how he rationalizes it , buy the medicine and he may starve to death, buy food and with his meager budget he will die from sugar related attacks.