Proposed Changes to Excise Duty Rates and Structure in Finance Bill 2024

• The Finance Bill 2024 was tabled on 13 May 2024 and will be effective from 1 July 2024
• Key changes include the repeal of relief for excise duty on raw materials, extension of excisable services to digital platforms, and changes to excise duty payment timeframes
• Changes to excise duty rates include a new structure for motorcycles, exemption for certain products from excise duty, and new rates for various goods and services
• Revised excise duty rates for goods such as sugar confectionary, alcoholic beverages, cigarettes, and nicotine products
• Revised excise duty rates for services like telephone and internet data services, money transfer services, betting, and gaming

Source: globaltaxnews.ey.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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