Ahead of the Financial Year 2024 Budget Speech Day on Friday, 10th November, 2023 the Government is currently scrutinizing proposals for tax increases on imported cement and iron rods, according to a senior official in the Ministry of Finance. An emergency Cabinet meeting was held yesterday to look at the proposals.
Up until last night, there was no confirmation that the tax increases would take effect in January next years.
The proposals include restoration of duty and taxes on imported rice, imported cement from 5% to 20% and iron rod from 5% to 15%.
According to reports, President Dr Julius Maada Bio is not warmed up to the idea of tax increases on essential commodities especially at a time like this.
Meanwhile, President Dr Julius Maada Bio is expected to travel today to the Kingdom of Saudi Arabia via the Kingdom of Morocco. The President is expected to attend the Arab-Africa Summit taking place in Riyadh between 10th and 11th November, 2023.
