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 [1]



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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