- Finance Minister presented the 2024 Budget Statement to parliament
- Proposed amendments include requiring invoices from VAT Certified Invoicing System for income tax deductions
- Reducing VAT rate on commercial properties from 15% to 5%
- Extending zero-rating of VAT on locally manufactured African textile prints and locally assembled vehicles for two years
- Waiving import duties on electric vehicles for public transportation, raw materials for sanitary pads, agricultural machinery and equipment, and medical consumables and raw materials for pharmaceutical industry
- Reviewing Stamp Duty Act to expand tax bands and increase rates.
Source: ensafrica.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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