Revenue from GCT up since move towards more indirect taxes – Shaw
Finance Minister Audley Shaw is reporting an increase in revenue from general consumption tax (GCT), since the decision to move towards more indirect taxes.
He says there was a $5.43 billion or 7.5 per cent increase in GCT for the financial year ending in April, when compared to the previous financial year.
Shaw says this is evidence that the shift in revenue from direct to indirect taxation is taking place.
Last year, the Government raised the income tax threshold to $1 million as it sought to fulfil its election campaign promise to raise the threshold to $1.5 million.
The threshold was further raised this month to $1.5 million.
Shaw says the improved GCT figures show that the increase in the personal income tax threshold contributed to higher GCT revenues.
The parliamentary opposition has criticised the implementation of the increase in the tax threshold, saying a few workers were given a tax break at the expense of the poor.