The Government will increase income tax, withholding tax, pay-as-you-earn tax and value added tax to levels before the 2019 controversial tax cuts which reduced fiscal revenue to a paltry 8.6 percent of gross domestic product when it should be between 13 and 14 percent.
The first to be hiked will be income and PAYE taxes, Finance Minister Ali Sabry told the Sunday Times. “VAT is the last thing I want to raise because that will have a direct impact on consumer pricing,” he said. “All these taxes need to be revisited so we can take revenue collection back to 13-14 percent of GDP.”
Mr Sabry would not commit to a time frame and said it had to be decided whether the increase would be in stages or outright. The objective is to go to the levels of taxation existed before the 2019 reductions which economists have widely criticised as having contributed to the present crisis.
To read more, check the Sunday Times print edition here.
My acquittance with Chula goes back to 1976, 77 where Ananda Under 15 Soccer practices had in Cambel place, Chula was a brilliant mid fielder could kick the ball from both legs
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