So here it looks like soon there will be an introduction of a new tax. Basically, here we have different taxes for different things. Depending on what you buy you would be charge the appropriate taxes. Instead, now we are going to be universally taxed on everything using this new one rate system.
That means a lot of things are going to be more expensive. For example, normally for services like a consulting business you would only charge people one tax of like 5%. For goods like a new TV people would get charged the 5% plus another 7%. Everything now will be charged a 12% rate.
I suppose if you are self employed this can benefit you in many ways as you can now write off the taxes on everything. Thatâ€™s the only real way that I can think to take advantage of the situation. Other then that, if you intend to make a large purchase that normally only requires one small tax you might want to consider buying it before the new rules come into play.