The delay in legalising the VAT reduction from 15% to 5% for travel and tourism businesses has irked the private sector, despite industry efforts for a fast-track revival post-Easter Sunday setback. “The Cabinet approved the reduction in VAT for the industry two weeks ago, but there has been no follow up to operationalise it, and this is very disappointing,” an industry source told the Daily FT. The frustration was evident, especially during the long weekend in resorts, who lured lots of locals with massive discounts, but couldn’t give benefit of the VAT reduction to guests and those who patronised restaurants for dining. – Daily Ft

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