The right mix
Everybody may not like the Chris Sinckler plan, but he says the harsh economic measures prescribed last year to stabilize the economy and now being consolidating, were working.
In a much anticipated Financial Statement and Budgetary Proposals delivered last night in the House of Assembly, the Minister of Finance did not roll back the VAT or restore the 18-month imposition on allowances.
However, in his second Budget presentation, Sinckler did not impose new taxes but laid out initiatives to ease the tax burden on some exporters as well as the main foreign exchange earner – tourism.
At the same time, he tightened the noose on income tax delinquents by moving the late filing penalty from $100 to $500 per year, while requiring tax clearance certificates for businesses which wanted to benefit from many of his tax-easing measures. (GE)
Full story in today’s MIDWEEK NATION.