Tax Changes for 2025
- Mineral Royalties: The royalty rate for coal has been increased to 2% from 1%, while black granite remains at 2%. Other cut and uncut dimensional stones will be charged 0.5%
- Limit on Royalty Deductions: A limit of 1.5% of turnover has been introduced on allowable deductions for royalty fees.
- Rental Income Tax: Properties converted from residential to commercial use will be subject to Rental Income Tax at a rate of 25%.
- Corporate Income Tax: Building societies will be subject to corporate income tax on income earned outside of mortgage financing.
- Withholding Tax on Betting: A 10% withholding tax on gross winnings from sports betting has been introduced.
- Withholding Tax on Contracts: Taxpayers collecting waste plastic products for recycling are exempt from withholding tax on contracts up to $5,000.
- VAT Registration: Any person supplying taxable goods and services with a minimum value of $25,000 through a tender will be required to register for VAT.
- VAT Payment: VAT payment deadlines have been shortened to within 15 days of the end of the tax period.
- VAT Deferment: The definition of capital goods has been expanded to include energy generation equipment.
- Access to Credit: Companies will require a valid tax certificate to access loans above $20,000 from financial institutions.
- Special Economic Zone Incentives: Tax incentives for special economic zones have been revised, with corporate income tax rates set at 15% for the first five years.
- Surcharge on Plastics: A 20% surcharge on disposable plastic bags made from non-biodegradable materials has been introduced.
- Surcharge on Fast Food: A 0.5% surcharge on certain fast foods, such as burgers, pizza, and fried chicken, has been proposed to promote healthy living
