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      "text": "Providing the ability for the implementation of a GST electronic monitoring system... The IRC will have the ability to allow taxpayers whose taxable supplies do not exceed K1.5 million per annum to potentially move away from monthly GST returns... Penalties for non compliance with Section 65A notices have been increased... The timeframe for the request for a refund of GST is to be reduced.",
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      "text": "There are two amendments that aim to make the tax concessions applicable to the Citizen First Home Buyers scheme more relevant for 2025 and beyond. The current maximum value of the house that could be purchased under these schemes is being increased to K700,000.",
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      "text": "The banking sector will be enjoying a progressive reduction in the rate of income tax being applied to their operations. For 2025, the first K300 million of taxable income will be taxed at a rate of 40% and amounts above this level will be taxed at 44%. For 2026 and future fiscal years, the first K300 million of taxable income will be taxed at a rate of 35%. The tax rates applicable to amounts above that level will then drop by 1% per annum from 43% in 2026, through to 35% in 2034.",
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      "text": "Presumably, the start date being scheduled for 1 July 2025 will provide time for those in import, wholesale, and retail to be able to react to the change in GST rates for these goods.",
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