The Minister for Finance on 24 November 2022 presented the budget statement and economic policy for 2023.
Indirect tax proposals would:
- Increase the value added tax (VAT) rate
- Review the existing VAT registration threshold under VAT Act 870
- Reduce the “e-levy” rate from 1.5% to 1%
- Introduce major reforms in connection with VAT exemptions
- Rollout electronic VAT invoicing to large taxpayers (including listed companies)….
Source: KPMG
