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BUDGET 2014-2015: Finance minister announces $6.7 billion in additional taxes

Published:Thursday | April 17, 2014 | 5:14 PM

The Finance Minister, Dr Peter Phillips has announced that the Government will be seeking to raise $6.7 billion in additional taxes this fiscal year.

Opening the Budget Debates this afternoon, Phillips said the measures are needed to help finance the $539.3 billion Budget he tabled two weeks ago.

SEE: The revenue measures 2014/2015

Among the new measures are:

*The unification of the tax on alcoholic beverages - $844 million

*Levy on withdrawal from deposit-taking institution and encashment from

securities dealers - $2.3 billion

*Increase in the age limit in the sale of second hand vehicles - $26 million

*Asset tax increase - $1.78 billion

*Change in the tax regime for insurance companies - $1 billion

*Modification of the duty regime for specified vehicles $1.2 billion

WATCH: Phillips announces $6.7 billion tax measures

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