New revenue plan to overhaul GST, Import duty and Excise tax regime

27 Jun 2024 | 08:37
Tax payer service centre (Photo/Sun)

The Finance Ministry released a comprehensive medium-term revenue strategy yesterday, outlining several policy measures to be implemented over the next five years.

This strategy aims to increase government revenue through a series of tax reforms and adjustments.

For the year 2025, the plan includes significant changes such as reviewing the General Sales Tax (GST) rate, broadening the GST base, and reviewing the Goods and Services Tax (GRT) rates. Additionally, an excise tax regime will be formulated, and import duty rates will be reviewed to align with the new revenue goals.

Corporate Income Tax (CIT) rates for telecom operators will also undergo a review, alongside a re-evaluation of the tourism land rent regime.

This announcement follows the President’s decision on Monday to implement policies focused on cost reduction, revenue growth, and the medium-term revenue strategy.

The decision was made after careful consideration and recommendations from his cabinet, emphasizing a holistic approach to financial stability and growth.