发布时间：2022-07-14 人气：41 作者：Admin
PM: No New Taxes toReplace Fall-off in VAT Revenue
No new taxes will be imposed to replace the loss of revenue from the removal of Value Added Tax (VAT) on food, medicines and funeral expenses, says Prime Minister and Minister of Finance Dr. Timothy Harris.
“We are not now contemplating that there would be a need to engage in any new taxes to deal with any fall-off with respect to VAT, and so we are monitoring that situation constantly,” the Prime Minister tells WINN.
“We expect that as a result of freeing up money in the pocket of people, people are going to make other consumption and investment decisions which are going to add to the flows, and we make the point that a low tax jurisdiction would be preferred than a higher one.
“We have to find ways that will create private sector growth.”
While the Prime Minister did not give a figure for the amount of revenue generated by VAT on food, medicines and funeral expenses, he asserts that its removal will result in a boost to the economy from increased spending.
Meantime, Dr.Harris says the government is pleased to have had the support of the Chamber of Industry and Commerce for the new policy, which took effect last week Tuesday,April 7th.