Latest: Caribbean

New tax measures for Grenada

Published: Wednesday December 11, 2013 | 9:17 am Comments 0

The Grenada government has presented a national budget of EC$933.9 million outlining a series of taxes and stressing the need for a curtailment of government expenditure over the next 12 months.

Prime Minister and Minister of Finance, Dr Keith Mitchell, presented the fiscal package to Parliament indicating recurrent revenue estimated at $471.1 million and recurrent expenditure of $487 million.

He said effective January next year, the income tax threshold would be lowered to $36,000 annually from $60,000 and that persons who earn less than $3,000 per month would not pay income tax.

Mitchell said there would also be an increase in property tax and that the government would impose a tax on agricultural lands that remain idle.

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