The 2023-2024 budget—presented 7 March 2023—did not include any “new taxes,” but was focused on consolidating and enhancing existing enforcement measures and improving the Revenue Administration Information System (RAiS) to facilitate better taxpayer communication and more efficient taxpayer compliance through e-filing
In particular, the budget included the following proposed tax-related measures:
- Registered car dealers making a second sale of motor vehicles (i.e., not the sale of imported new or used motor vehicles) would charge a general consumption tax (GCT) rate of 15% of the dealer dollar margin (and not of the sale price), but not less than the flat fee of J$12,000 or J$18,000, which is paid in lieu of GCT by individual owners, who are not car dealers, when selling their motor vehicles—effective the first quarter of 2023 (April – June)…..
Source: KPMG
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