Getting a headstart on special voluntary disclosure programme

et’s look at some areas relating to sales tax, which usually come under scrutiny. For a start, one needs to ensure that the prescribed conditions in the respective exemptions, such as the sales tax exemption and customs duty exemption, are met.The latter would include Customs Duty (Exemption) Order 2017, MoF-approved exemption and free trade zone exemption, among others

THE Finance Ministry’s (MoF) Pre-Budget Statement on Aug 31, 2021 was published to increase transparency in communicating the broad strategies which will form part of Budget 2022, in line with international best practices.

This move has clearly laid out the government’s areas of focus in the nation’s Covid-19 recovery journey, through economic growth driven by the services and manufacturing sectors, as well as strategies to achieve fiscal sustainability, particularly on the revenue side of the equation.