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Tax returns filing and payment due dates for July 2024.

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The government is set to introduce a series of tax changes to increase government revenue, according to a recent IMF report.

The IMF report notes that the planned tax measures, alongside the resumption of vehicle imports, are projected to generate annual revenue equivalent to 1.5% of the country's GDP.

𝗠𝗮𝗷𝗼𝗿 𝗧𝗮𝘅 𝗥𝗲𝗳𝗼𝗿𝗺𝘀
• Imposing Value-added tax on digital services.
• Removal of existing income tax exemptions on service exports.
• The social security levy currently charged on sales will be replaced by VAT.
• Corporate income tax rates for alcohol, to***co, and gaming companies are set to rise from 40% to 45%.
• Lifting Import ban on Motor Vehicles & other imports in a phased-out manner.
• A tax on the imputed rents of owner-occupied and vacant houses is planned to start in April 2025.
• Repeal of Simplified VAT (SVAT) by April 2025.
• Increase of Stamp Duty on lease contracts from 0.1% to 0.2%.

Most of these new taxes are expected to take effect in 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟱.

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