List of new tax and other revenue measures

The Finance Minister Dr Peter Phillips this afternoon announced a raft of revenue measures aimed at raising an additional $15.9 billion.



SEE: Full list of tax measures



General Consumption Tax Measures - To be implemented March 1, 2013

• Inclusion of the Telephone Calls Tax (TCT) as part of the GCT base - $1.3 billion to be earned



• Inclusion of all fees and taxes paid at the ports (environmental levy, CUF/CAF, CET and ASD) as part of the GCT base - $1.5 billion to be earned



• Amendment to the GCT Act to account for GCT on the face value of prepaid vouchers/airtime - $200 million to be earned



Income Tax Measures - To be implemented April 1, 2013

• Increase the tax on dividends payable to residents to 15 per cent - $800 million to be earned



• Imposition of surtax on the taxable income of large 'unregulated companies' - $1.2 billion to be earned



• Increase in the education tax rate - $2.8 billion to be earned



Trade (border) tax measures - To be implemented April 1, 2013

• Application of a Customs Administration Fee (CAF) on all imports (except for charitable organisations, bauxite sector - $1.2 billion to be earned



Other revenue enhancement initiatives (including compliance measures) - To be implemented April 1, 2013

• Increase the local stamp duty rate and transfer tax (on properties) - $2 billion to be earned



• Amendment to the fee and gross profit structure for Betting, Gaming and Lotteries - $1.5 billion to be earned



• Reform of the property tax rate regime and initiate measure to increase low property tax compliance rate - $3.4 billion to be earned



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