| How Will Government Balance Out Its Revenue Basket? |
| Fri, November 22, 2024 |
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| And while these revenue measures are welcomed - the other side of the story is that government cannot afford to shrink what is called its revenue basket. That means that tax revenue has to stay more or less stable - so any tax break given on one end has to be evened out on the other. Coye discussed this:
Chris Coye, Min of State - Finance
"A number of these areas, and the amendments here mean tax loss. They mean tax loss at the level of business tax, tax loss at the level of income tax, tax loss at the level of, of, stamp duty. But how do we address those tax losses? In part we have to look at how we collect taxes, how we administer the collection of taxes. And so alongside all these benefits that you see here, you see, provisions that support tax compliance, provisions that look and focus in on administrative penalties, giving the authority the power of the tax department to, to make enforcement provisions, that are effective, that not just are there on paper, but that can be effectively, utilized so that that I think is one of those highlights that the as much as it it's it's not sexy if you will, t is important because it enables us to, to make those, to give those benefits by ensuring that we enhance tax compliance."
The new tax measures go into effect in January.
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