2018 National Budget highlights

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Economy to grow by 4,5% in 2018

Revenue to reach $5,071 billion
Expenditure projected at $5,743 billion

Deficit to narrow to $672m in 2018 from $1,7 billion in 2017

Wage bill to chew $4,5 billion of the 2018 budget

Capital expenditure projected at $1,2 billion

Budget proposed to exempt registered buyers of tobacco from the requirement to withhold the 10% tax with effect from 1 January 2018.

Budget proposes to review the VAT withholding rate to 5% from 10% to 5% of the value of taxable supplies, with effect from 1 January 2018 for VAT registered operators.

To cut travel expenses and embassies –newsday

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