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Phillips to make contribution to Budget debate today

Published:Tuesday | May 17, 2016 | 5:38 AM
Opposition Spokesman on Finance, Dr Peter Phillips missed Finance Minister, Audley Shaw's presentation last week due to a prior commitment.

Opposition Spokesman on Finance, Dr Peter Phillips is to make his contribution to the Budget debate this afternoon. 

He is expected to formally outline the People's National Party's position on the government's new income tax threshold plan. 

Last week, Finance Minister, Audley Shaw opened the debate and announced that come July 1, the income tax threshold for all PAYE workers would be increased to $1 million, with a further increase to $1.5 million next year.

READ: Tax break for all - No PAYE worker to be excluded from $1.5 million relief plan - Shaw

To pay for the move, Shaw announced increases in the Special Consumption Tax on fuel, the tax paid on cigarettes and the departure tax. 

Almost immediately following the announcement, various members of the opposition slammed the plan, which they have labeled a three-card trick. 

According to the PNP, the move will burden the poor, who will stand to benefit only from increased transportation, food and electricity prices.

Shaw has insisted that the plan will not affect electricity bills. 

The plan has been hailed by members of the private sector and economists. 

However, Dr Phillips, who missed Shaw's presentation last week due to a prior commitment, is widely expected to continue criticising the plan in Parliament this afternoon.