Page 31 - THE 2024-25 MID-YEAR BUDGET REVIEW STATEMENT

RBM will continue to rebuild foreign exchange reserves to a

level that would provide adequate insurance against

external shocks.

REVENUE ENHANCEMENT MEASURES

63. Madam Speaker, as Government is introducing austerity

measures to manage expenditure, efforts are also being

made to boost revenue, which is currently underperforming

and therefore adversely affecting the implementation of the

budget. As such, allow me at this point, Madam Speaker, to

announce to the August House, revenue enhancement

measures that will be implemented:

i. Removal of Value Added Tax (VAT) waiver on motor

vehicle imports for privileged individuals

Government will remove Value Added Tax (VAT) waiver

on motor vehicle imports for privileged individuals and

organizations. Affected individuals with this measure

include the State President, the Vice President, the

retired Presidents and Vice Presidents, Cabinet Ministers,

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