Approximately 18 billion dollars in tax cuts has been announced for the 2020/2021 financial year. Minister of Finance and the Public Service, Dr. Nigel Clarke gave the details while opening the budget debate in the House of Representatives on last week. Among the tax relief measures is a 1.5 percent reduction in the General consumption Tax (GCT), moving it from 16.5 percent to 15 percent. The proposed reduction is to take effect on April 1 with the potential revenue loss estimated at approximately 14 billion dollars.
Presented by:
Anjuii James Sawyers
