Zambia has suspended value-added tax (VAT) on diesel and petrol in an effort to avert an expected price increase as the country prepares for elections in August. Finance minister Bwalya Ng’andu signed a statutory instrument zero-rating petrol and diesel with effect from 1 January. The government had previously charged VAT of 16% on petroleum products. Fuel prices were last raised in December 2019 when the kwacha had depreciated to 14 to the dollar while crude oil prices were at $70/bbl.
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