21/05/2024
Here are some of the proposed changes that will be effected in the finance bill 2024. I thought you should know 🤔
As you remember to file your taxes 🤞
1. Introduction of Motor Vehicle Tax at 2.5% of the vehicle value payable upon insurance issuance.
2. Withholding tax on goods supplied to public entities at 3% for residents, and 5% for non-residents.
3. Taxation of income from digital marketplaces/platforms at 20% for non-residents, and 5% for residents.
4. Introduction of Significant Economic Presence Tax at 30% for non-residents.
5. Minimum top-up tax for resident entities in multinational groups.
6. An eco levy for manufacturers and importers will be introduced.
7. Imported motorcycles beyond a certain price will be taxed at 10% of value instead of a flat rate.
8. Taxation of interest income from infrastructure bonds for residents.
9. VAT exemptions on bread will be removed.
10. Removal of VAT exemptions for financial services such as credit and debit card issuance, money transfer services, foreign exchange transactions, cheque processing, issuance of securities, and assignment of debt.
