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Government Approves New Tax Measures to Boost Revenue
The government also agreed to review the current tax regime on mineral exports in 2021 with the intention to impose export duty on the exports of mineral products.
Source: lexxion.eu Thursday, 08 April 2021 09:39 AM
Revenue collection this year is expected to improve following the government approval of a number of measures to bolster revenue intake in 2021.
The Minister of Finance and Treasury, Harry Kuma outlined these measures in his budget speech in Parliament Tuesday this week.
First on the list is an increase on Tobacco Excise starting on July 1 this year including introducing a system of taxing the popular home grown Tobacco commonly branded as Lekona. Government expects to earn SBD$24.9 million in additional revenues from this measure. This measure was approved following the completion of a review of the Tobacco Excise regime.