He added that they will ensure tax compliance in order to meet their revenue targets and also develop the nation.

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Meanwhile, the government has announced tax imposition on luxury vehicles with a capacity of 3.0 litres and above.

He said that "the levy will be paid on first registration and subsequently at annual renewal. Commercial vehicles will be exempted."

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He however stated that the government has not increased VAT as speculated ahead of the presentation of the review.

He said that the government “will ensure tax compliance and plug existing leakages.”

Despite the review of Personal Income Tax, it is not clear when implementation will begin.