The government will be passing some new taxes and tax revisions in parliament by presenting it as an Inland Revenue Amendment Bill within the next two months for such public financing, a Finance Ministry official said.

The government will enforce much delayed wealth tax to further improve tax collections from large taxpayers, and the completion of risk profiling of the largest 100 High Wealth Individuals (HWI) taxpayers by September 2024, he disclosed.

The Inland Revenue Department is to solicit, information from 100 profiled HWI taxpayers via questionnaire by end-December 2024, he added.

The government has already obtained cabinet approval of the revenue measures which will be submitted to Parliament by end-June 2024 for parliamentary approval by end-July 2024.

The government will remove the corporate tax (CIT) exemption on the export of services, and increase the CIT rate on betting and gaming, tobacco and liquor industries to 45 per cent from 40. It has been proposed to increase the stamp duties on lease contracts to 0.2 per cent from 0.1 per cent.