CABINET NOTES:
1. The Cabinet invited fifteen officials to its meeting to address the issue of revenue, deficit spending and debt management, in preparation for the 2024 Budget. Eight officials were from the Ministry of Finance, three from the Inland Revenue Department, one from the Medical Benefits Scheme, three from the Antigua and Barbuda Department of Maritime Services (ADOMS), and the Minister of State in the Ministry of Finance and Corporate Governance.
The primary object of the discussion was to consider options for the 2024 Budget, taking into account that tax revenue to GDP ratio stands at fifteen percent and the target of the budget officials is to raise revenue to twenty percent of GDP. The discussion revolved around items that can be zero-rated, and those imported items where the waiver of taxes is not warranted.
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ii. The Ministry of Finance Officials presented the debt obligations owed by the Government to former employees in the form of gratuities, to contractors, landlords, statutory corporations, China ExIm Bank, the Regional Government Security Market (RGSM), the Caribbean Development Bank (CDB), and the Eastern Caribbean Central Bank (ECCB).
The Inland Revenue Department (IRD) discussed the issue of property taxes owed to the Government of Antigua and Barbuda by property owners. The subsidy paid by the Government for petroleum products was also discussed, and a plan to discontinue that subsidy was also examined. Tax on fuel, it was agreed falls below the regional average and it is one contributing factor that can be easily remedied, it was agreed.
The Governments’ purchase of gasoline for its fleet of vehicles was also examined and ways to reduce that expense were also discussed. The object of these discussions is to assist the Finance Minister to prepare his Budget Statement and budgetary figures that will be shared with the public on Friday December 15th at 9:30 am in the Parliament.
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