The Ministry of Finance will seek to increase the GST, green tax and telecom fees as well as import duties next year, the Ministry’s Medium Term Revenue Strategy 2024 has revealed. The measures, with a view towards complementing the administration’s fiscal reforms, have received cabinet approval.
The Strategy, published on Wednesday, outlines measures to increase state revenue over the next five years and include a timeline on which measures will come into force when. Measures to be implemented this year include increasing taxes and fees on airport services, and reviewing duty exempt items.
Measures to go forward in 2025 will include increasing green tax, increasing GST and GST-taxable goods, increasing import duties, increasing corporate income tax on telecom operators, increasing tourism land rent, and reviewing tax policy on items such as alcohol, pork and tobacco.
Carbon credits will be monetised by 2026 and income taxes on private income and corporate income will also be increased.
The Strategy also outlines measures which will come into effect in 2027 and 2028.