On 5 February 2024, the Ministry of Finance and Economic Development presented the 2024 Budget Speech to the National Assembly. The budget includes significant tax measures aimed at modernizing and enhancing the efficiency of the country's tax system.
Below are the key proposals.
- Strategic tax law review and modernization
Examination of fiscal legislation for consolidation, simplification, and modernization to align with the dynamic global business landscape.
- Electronic invoicing for efficient VAT collection
Implementation of e-invoicing to enhance VAT collection efficiency. The first phase of a three-year pilot project is targeted for completion in December 2024.
- Incorporating digital sales into taxation
Introduction of reforms to include digital sales by remote service suppliers within the taxation framework, ensuring a comprehensive and contemporary approach to revenue collection.
- Optimizing e-services for enhanced accessibility
Optimization of e-services, including improvements in online tax filing systems, online customs declarations, and electronic payment methods, contributing to a streamlined and accessible digital experience for taxpayers.
- Digital tracking of excisable goods
Implementation of a digital solution to mark and track excisable goods (track and trace), with full implementation targeted for July 2024, aiming to bring transparency and efficiency to the monitoring of excisable goods.
