The government has announced plans to introduce an automatic adjustment formula for the rates of the Special Petroleum Tax, Energy Sector Levies, and Excise Duty.
Additionally, the government intends to address several other important indirect tax issues as part of its strategy:
- Alignment of Exemption Provisions
- Hybrid Tax System for Excisable Products
- Review of VAT Exemptions
- VAT and Levies to Support Industry
- Shift Towards Consumption-Based Taxes
Source: www.myjoyonline.com
