Highlights of the 2022 Mid-Year Budget Review
- Enhancing VAT Mobilisation by digitilising the collection of VATrevenues (e-VAT) to minimise VAT mobilisation gaps and assist government achieve it's tax-to-GDP target of 20% within the medium term.
- Introducing upfront payment of VAT on importers not registered for VAT effective 1st October 2022.
- Extending the waiver of interests and penalties to give opportunity to non-registered taxpayers to take advantage of the waiver scheme and offer operational records of these taxpayers to government.
- Revitalising non-tax revenue mobilisation by introducing an end-to-end digitalised process for property rate mobilisation. This is geared towards enhancing the mobilisation of non-tax revenues to assist government achieve its' medium term targeted non-tax-to-GDP ratio of 4%.
- Minimising government's tax expenditures through tax exemptions. the long expected Tax Exemptions Bill has been passed awaiting Presidential assent and once implemented, it wil ensure a more harmonised approach to granting tax exemptions and eliminiate associated administrative gaps.