The 2027 Budget includes a range of measures targeting tax compliance, investment, education, social support and business development, alongside changes to National Insurance, VAT and customs penalties.
Here are some of the key fiscal measures, investment proposals and social initiatives outlined in the Budget
OTHER FISCAL MEASURES
* Proposed National Insurance legislation for appropriate provisions for workers who were unfairly denied benefits as a result of COVID-19 shutdowns.
* Review of National Insurance claims and appeals system where there are over 1,000 unresolved matters including from pensioners, persons with disabilities and workers seeking benefits to which they may be legitimately entitled.
* Taxpayers must undertake mandatory electronic filing through Inland Revenue Division’s GENTAX system.
* Increased penalties for false declarations under the Customs Act from $125,000 to $250,000.
* Increased Penalty for employers' non-payment of National Insurance Contributions from a maximum fine, moving from $4,000 to $8,000.
* Modern Electronic Passport Issuing Control System in January 2027.
* Proposed law for enforceable code of ethics, strengthen the licensing regime, restructure the Customs Brokers and Customs Clerks Board, update offences and penalties, and revise applicable fees.
