Overview
The 2024 tax year was defined by aggressive fiscal reform. The Presidential Committee on Fiscal Policy pushed for a single-digit tax regime, and the House of Representatives passed the four Tax Reform Bills. The Federal Government also introduced targeted reliefs, including VAT exemptions for CNG, LNG, and Electric Vehicles, alongside duty waivers on essential food items.
These legislative shifts were matched by critical judicial interventions. The Tax Appeal Tribunal delivered key rulings on the limits of state tax authorities regarding non-resident employees and itinerant workers. It also clarified the strict procedural requirements for Best of Judgment assessments. For taxpayers, the message is clear. Evidence-based assessments and strict adherence to statutory procedures are non-negotiable.
Our 2024 Tax Sector Retrospective examines these legislative updates, regulatory shifts, and judicial decisions in detail. It also provides a forward-looking analysis of the 2025 outlook, including the projected impact of new tax rates, the proposed VAT-sharing formula, and the anticipated rise in tax disputes as businesses adapt to the new regime.
