Pessimism, criminal prosecution stance adopted by the taxman, and offshore tax revenues dominated the first six months of the financial year 2024/25 amidst weak economic conditions and a need for tax revenues.
Whereas the latest data shows a modest tax revenue surplus recorded in the first four months of 2024/25, a temporary deficit gap registered by Value Added Tax (VAT) collections - a loose indicator of consumer spending appetite, reflects tough economic conditions experienced in many sectors during the past six months.
