Commendable Budget presentation
THE EDITOR, Sir:
Minister of Finance and the Public Service Dr Nigel Clarke, in his first Budget presentation, announced tax cuts and adjustments totalling $14.032 billion.
The tax measures announced include:
- A reduction in the rate of transfer tax from five per cent to two per cent, and the replacement of the ad valorem stamp duty with a flat-rate stamp duty of $5,000 per document.
- An increase in the transfer tax threshold for estate of deceased persons from $100,000 to $10 million.
- An increase in the general consumption tax threshold from $3 million to $10 million.
- The abolition of the $60,000 minimum business tax.
- The abolition of asset tax for non-financial institutions.
This move by Dr Clarke and, by extension, the Government, is very commendable and should benefit MSMEs, the wider public and stimulate economic growth.