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