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Kwame Owino @IEAKwame
, 6 tweets, 1 min read Read on Twitter
Folks, reduction of the VAT rate on fuels from 16 % to 8% doesn't mean that the revenue generated will fall by half.
You only think like that if you haven't cared to go to class or borrow an economics text book to understand elasticity and tax incidence.
And you don't get excused from misinformation of the public because you are a commentator on politics or a cartoonist.
I understand it's a weekend so we should all chill but I have realized that the weekend editions of papers have the highest share of economic fallacies.
Yes, I don't think it matters whether the police service wears blue or "haute couture" but we must care when issues of public affairs communicated with error and ignorance.
Just because the president proposes to parliament to reduce new VAT on fuel from 0 to 8% and not 16% doesn't mean the tax burden is reduced by half.
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