ECONOMIST Trevor says the 2025 tax budget changes are not conducive for small business. The implementation of the 2025 budget has seen some changes which include: the principal Act was amended to increase the maximum annual threshold for Turnover Tax to K5,000,000 from K800,000 for a person conducting business through the gig economy. The principal Act also amended to increase the turnover tax rate to five per cent from four per cent on annual turnover above K12,000 up to K5,000 000. This means that a person with an annual turnover of up to K5,000,000 is required to be registered for Turnover Tax. The statutory Value Added Tax (VAT) threshold remains unchanged at K800,000.00. Therefore, a taxpayer with an annual taxable...