6 months ago
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Past president of the MSME Alliance, Donovan Wignall, is concerned about the government’s intention to ramp up collection of tax revenues in the new financial year.
From the figures published in the Revenue Estimates for 2025-2026, the government expects to collect more from its two headline taxes in the new fiscal year which starts on April 1.
These two headline taxes are pay as you earn and general consumption tax, GCT.
Overall, the government is expecting to collect an additional $50 billion in tax revenue for the upcoming financial year.
Based on the revenue estimates for the period, they’re anticipating growth from most tax revenue streams. For the current financial year, the government plans to collect over $900 billion in tax revenue.
GCT is projected to account for $305 billion of that sum while income tax is expected to contribute $339 billion.
Meanwhile, Mr. Wignall is reiterating his call for the government to introduce initiatives to boost the growth of small businesses.
Donovan Wignall, past president of the MSME Alliance.
English (US) ·