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BUSINESS, NATIONAL, DILI

TL’s Customs Authority collects more than US$100 million in Tax

TL’s Customs Authority collects more than US$100 million in Tax

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DILI, 03 december 2022 (TATOLI) – In the year 2022, Timor-Leste Customs Authority collected US$100.7 million in tax. Compared to 2021, there was an increase of more than US$67.9 million in tax.

The revenue taxes are the result of economic activities at the ports, airports, and land borders in Batugadé and Salele.

“With the operation of Timor-Leste’s new port (Tibar Port) it would facilitate the work of the Customs Authority, helping to increase State revenue, which will reduce the country’s dependence on the Petroleum Fund,” Finance Minister, Rui Augusto Gomes said in a statement on tuesday.

The approval of the State Budget bill for the fiscal year 2023 allows the government to impose higher taxes on cars. A car with a value of US$10,000 will be taxed at 10%, above US$ 25,000 will be taxed at 25%, and above US$ 50,000, it will be taxed at 30%.

The approval of the budget also allows the Government of Timor-Leste to implement an increase in tobacco excise duty of 100%, from US$50 to US$100 per kg. 

The government also increases the price of sugar and sweets by US$1 per kg. Meanwhile, the prices of each liter of sweet and non-alcoholic beverages increased by US$3, except for fruit juices which will contribute to the protection of public health.

The tax change aims to discourage tobacco consumption and unhealthy drinking habits in Timor-Leste, protecting Timorese citizens from devastating health consequences and increasing State revenue.

With such changes in fiscal policy, domestic revenues are expected to increase from US$153.7 million in 2022 to US$174.9 million in 2023. 

 

 

Journalist: Filomeno Martins

Editor: Nelia Borges 

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