The National Assembly has approved revised tax measures expected to raise about $763 million, after lawmakers watered down several proposals contained in the Finance Bill 2026.
Among the key changes, MPs rejected plans that would have imposed a new excise duty collection mechanism on imported mobile phones and retained tax incentives for locally assembled electric vehicles, pharmaceuticals and animal feed raw materials.
The Assembly also proposed lowering the threshold for taxing undistributed corporate profits as deemed dividends. Lawmakers have also reviewed measures affecting rental income, digital transactions and second-hand clothing imports.
The revised proposals follow extensive public participation and reflect efforts to balance revenue collection with concerns over the cost of living and the impact on businesses.
