Five policy changes announced in the 2023-24 National Budget will come into effect from tomorrow 1 January, 2024.
The Social Responsibility Tax (SRT) will be incorporated into the Pay As You Earn (PAYE) tax structure along with a 5 per cent reduction for those earning above $270,000.
To enhance administration in the banking sector, the Resident Interest Withholding Tax (RIWT) exemption on interest income less than $1,000 will be removed while the RIWT exception which is available to senior citizens, pensioners, or individuals with a gross annual income of $30,000 will still be available.
A 40 cents per kilogram/liter domestic excise duty or 15 per cent import excise duty will be levied on sweet biscuits, imported fruit juices, ice cream, snacks obtained by roasting, frying, baking swelling etc. and sugar confectioneries.
The Airport Departure Tax (ADT) will be increased to $140 while the fees for applications and renewals of tax agents license will be increased from $436 to $500 for new applications and from $218 t0 $350 for renewals.
