Tag: sugar tax

We cannot tax our society into behaving better. No matter how much we would like to believe otherwise, it remains ineffective. Behaviour-adjusting taxes, like sin taxes on alcohol and cigarettes, have failed to curb excessive smoking or drinking. The sugar tax has placed a heavier financial burden on the working class. However, it has not achieved its intended behavioural change.

As was widely expected, the government did not announce any increase in the VAT rate, although the Minister has stated that the tax rate will need to increase in the future. The proposed amendments affecting VAT are largely technical in nature.

The proposal to tax the sugar content of beverages first came to light in the 2016 Budget. On 5 December 2017, after 18 months of debate, Parliament adopted the tax on sugary beverages (Sugar Tax), which is expected to commence on 1 April 2018. 

Personal Income Tax As many pundits predicted, the Minister of Finance today announced a new 45% tax bracket for individuals which will apply to taxable...