Thu | Apr 26, 2018

Budget made simple: The revenue measures (Full List)

Published:Thursday | May 12, 2016 | 6:42 PM

Finance Minister Audley Shaw on Thursday announced new revenue measures aimed at raising $13.7 billion to help fund the $580 billion budget.

But at the same time, the Government will be giving up $12.5 billion by increasing the income tax threshold from the current $592,800 to $1 million come July 1.

Here is the full list of the revenue measures:
1. Across-the-board increase in income tax threshold to $1,000,272.00
Increase in personal income tax on salaries over $6 million per year from 25 per cent to 30 per cent
July 1, 2016
*The increased Income Tax threshold means that people earning more than $1 million a year, will take home an additional $8,489 per month

2. Increase in Specific Consumption Tax on petrol by $7 per litre
May 13, 2016

3. Introduction of Special Consumption Tax on LNG and revision of heavy fuel oil regime
May 13, 2016
*This means electricity bills will increase

4. Increase in Special Consumption Tax on cigarettes from $12 per stick to $14 per stick.
May 13, 2016

5. Increase in departure tax from US$14 to US$35
June 1, 2016
*This tax will now be denoted in US dollars.