The government has decided to raise the goods and services tax (GST), green tax, telecom fee and import duties next year, the Finance Ministry revealed yesterday.
The state's medium-term revenue strategy 2024 approved by the cabinet with revisions in line with changes to the state's fiscal policies was published yesterday.
The strategy includes measures to be taken over the next five years to increase state revenue along with dates for implementation.
Measures to be implemented in 2024
- Raising taxes and fees for airport services
- Reviewing items exempted from duties under the export-import law [duties will be introduced for new items]
Measures to be implemented in 2025
- Raising the green tax rate
- Raising GST rate and number of tax-applicable goods
- Raising import duty rates
- Raising corporate income tax for telecom operators
- Raising tourism land rent
- Reviewing policy on taxing goods such as alcohol, pork and tobacco
Moreover, the government has also decided to monetise carbon credits in 2026 and to raise the personal income tax and corporate income tax in addition to measures planned for 2027 and 2028.
