16. Rate of tax

Tax is charged at the rate of —

4% for the period from 1 January 2003 to 31 December 2003 (both dates inclusive);

5% for the period from 1 January 2004 to 30 June 2007 (both dates inclusive); (c)7% for the period from 1 July 2007 to 31 December 2022 (both dates inclusive);

8% for the period from 1 January 2023 to 31 December 2023 (both dates inclusive); and

9% from and including 1 January 2024,and is charged on —

the supply of goods or services (including a reverse charge supply), by reference to the value of the supply as determined under this Act; and

the importation of goods, by reference to the value of the goods as determined under this Act.