The upcoming budget is expected to bring significant changes to the taxation system, with plans to double the existing source tax on imported fruits and flowers from 5% to 10%. While this move aims to boost revenue collection, concerns have been raised about its potential impact on consumers, especially those with lower incomes. Importers fear that such an increase could further decrease fruit imports, already affected by high customs duties and rising dollar prices. Additionally, the budget may expand the tax net to include eight additional business and service categories, such as hotels, restaurants, hospitals, and convention halls. These entities would be required to submit returns for licensing purposes, with authorities mandated to verify compliance before issuing or renewing licenses. This initiative is aimed at improving tax compliance among businesses and services currently operating outside the tax net, potentially increasing the number of taxpayers in the country.
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