November 26, 2010

Budget Tidbits - Part 2

  • VAT will increase from 12.%% to 15% wef 1 Jan 2011.
  • Airport Departure Act comes into effect 1 January 2011 to ensure that airlines and travel agents ensure that departure tax is remitted to FIRCA within 2 wks of ticket issue to international traveller (a boon for international e-ticketing and online travel sales)
  • Self Assessment PAYE (as a final tax) to be implemented on 1 Jaunary 2012...simply put this it means taxpayers no longer seek refunds at year end but that (hopefully) the right tax will be taken at source.  For consumers it means spending more for less.
  •  A special tax regime for small business operators wef 1 January 2013.
More details downloadable from:

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