- Value Added Tax (VAT) Changes: Amendments include defining the time of supply for exported goods, removing the 90% threshold for VAT apportionment, and reclassifying certain goods and services from exempt to taxable or zero-rated to exempt to prevent revenue loss through tax refunds.
- Excise Duty and Miscellaneous Amendments: The bill increases excise duty rates on various products, including imported sugar confectionery, alcoholic beverages, and telephone services, and proposes raising the Railway Development Levy from 1.5% to 2.5%. The Tax Procedures (Amendment) Bill 2024 introduces clearer requirements for electronic tax invoices, extends the tax amnesty, and integrates electronic tax systems with iTax for better compliance and efficiency.
Source Orbitax
