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GOG’s 2015 Tax Policy Directions – Highlights

GOGs 2015 Tax Policy Direction:Highlights - by Benjamin Nanor-StarMarc Research

Posted on April 13, 2015 at 8:20am

Income and Property Sector

  • Maximum income tax rate for free zones entities to be revised from 8% to 15%;
  • Extension of 5% National Fiscal Stabilisation Levy beyond December 2014;
  • Increase in withholding tax rate on directors fees from 10% to 20%; and
  • Reduction of exemptions granted in Government loan agreements.

Goods and Services Sector

  • Introduction of 5 % flat VAT rate on real estate and enforcement of VAT on financial services;
  • Removal of VAT on specified locally produced pharmaceuticals and some of its inputs;
  • Replacement of the VAT Refund Account with a General Refund Account;
  • Introduction of 17.5% Special Petroleum Tax (already enacted);
  • Removal of import duty and VAT on inputs for the production of machetes, exercise books and textbooks and Removal of import duties on smartphones;
  • Enforce 1-2% special import levy till 2017;
  • Increase in tobacco excise duty rate to 175%; and
  • Reversal of the ad valorem excise tax basis on certain petroleum products to specific tax basis

Tax Administration

  • Applying self-assessment scheme to all tax payers;
  • Making TIN a requirement for all port transactions

StarMarcs’ Roles

  • helping you fully consider these changes in your 2015 budget;
  • providing you with a comprehensive tax health check assessment

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