A holistic tax reform carried out with necessary benchmarking done with progressive and modern regimes could overcome the various challenges.
BUDGET 2024 is an important one as it has to initiate unpopular yet necessary reform measures to rebuild fiscal buffers for a sustainable economy. Revenue limitations, rising costs and subsidies are severe constraints.
The tax revenue-to-gross domestic product (GDP) ratio is unsustainable and the government needs to come out with cleverly structured tax reforms.
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