Mon | Jan 17, 2022

Commendable Budget presentation

Published:Thursday | March 14, 2019 | 12:00 AM


Minister of Finance and the Public Service Dr Nigel Clarke, in his first Budget presentation, announced tax cuts and ­adjustments totalling $14.032 billion.

The tax measures announced include:

- A reduction in the rate of transfer tax from five per cent to two per cent, and the replacement of the ad valorem stamp duty with a flat-rate stamp duty of $5,000 per document.

- An increase in the transfer tax threshold for estate of deceased persons from $100,000 to $10 million.

- An increase in the general consumption tax threshold from $3 million to $10 million.

- The abolition of the $60,000 minimum business tax.

- The abolition of asset tax for non-financial institutions.

This move by Dr Clarke and, by extension, the Government, is very commendable and should benefit MSMEs, the wider public and stimulate economic growth.

Angella Wilson