Accordingly, a 15 per cent VAT will be applicable on wholesale and retail businesses with an annual turnover of Rs. 12 million.

Furthermore, this tax will be imposed on the hitherto-exempted telecommunications, health and other projects, excepting on housing.

The NBT will remain unchanged at two pc, but the turnover applicable will be brought down from Rs. 25 million to Rs. 03 million.

As such, more entities will have to pay this tax, including telecommunications, electricity supply and other projects, excepting on housing.