The Minister of Finance submitted the 2017 Draft Budget to the National Assembly on 11 November 2016. The proposed measures regarding to direct taxation as enclosed in the Budget are given below-
Corporate taxation: The capital payment rate on machinery and equipment used in farming and agro-processing increased from 50% to 100%.
Payroll tax: Introducing a skills development levy at a rate of 0.5% on the total emoluments paid by an employer.
Advance income tax: The advance income tax rate on imports increased from 6% to 15%.
Individual taxation: Individual income tax will be increase up to 37.5%.
