Taxes in 2024: What Businesses and CFOs Need to Know

Low Value Goods Tax, e-invoicing, Service Tax increase, Capital Gains Tax, Luxury Tax, and the Global Minimum Tax. To kickstart the new year here on Resource Centre, we review all the key tax related developments for businesses in 2023 and how they will need to navigate them in 2024 with Thenesh Kannaa, Executive Director at Tratax.

2023 saw the introduction and acceleration of a few key things in the tax space for businesses, this includes the increase to the Service Tax to 8% (and introduction of the Service Tax to industries such as logistics and food delivery at a 6% rate), Capital Gains Tax on the disposal of unlisted shares by companies (with some exemptions), the charging and levying of sales tax on Low Value Goods sold online from foreign sellers effective 1 January 2024, the acceleration of the e-invoicing timeline, and the Global Minimum Tax.

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