Sunday, July 14, 2024

Mobile Phones to Get Expensive as Govt to Imposed 18% Tax

The federal government has introduced a comprehensive tax overhaul, implementing major changes across various sectors. This reform is designed to streamline the tax system and boost revenue collection.

One of the most significant changes is the introduction of an 18% sales tax on different categories of mobile phones, which will affect both high-end smartphones and more affordable models. This move aims to standardize taxation in the rapidly growing mobile phone market.

In addition to the new tax on mobile phones, the government has eliminated numerous sales tax exemptions that were previously available to various goods and services. These exemptions had created inconsistencies in the tax system, and their removal is intended to create a more equitable tax structure.

Furthermore, the government has standardized tax rates across a wide range of goods. This means that instead of having varying tax rates for different products, there will now be a consistent tax rate applied to similar categories of goods. This measure is expected to simplify the tax process for businesses and consumers alike, reducing confusion and making compliance easier.

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