Antigua Breaking News

Top Trusted News Source in Antigua

Search
Previous slide
Next slide

  • Home
  • Local News
  • Budget lacks relief measures for the people and will pauperize them, instead, as other taxes are being increased: critics

Budget lacks relief measures for the people and will pauperize them, instead, as other taxes are being increased: critics

Share this article:

Facebook
Twitter
Pinterest
LinkedIn

With the budget lacking meaningful relief for the citizens of Antigua and Barbuda – when compared to the St. Kitts and Nevis budget – what has been presented, instead, is a budget that seeks to pauperize the people through a set of fiscal measures, critics are saying.

Finance Minister Prime Minister Gaston Browne says the measures being introduced in 2024 are to strengthen the Government’s revenue collection; reduce distortions in the tax system; and improve taxpayer compliance.

Some of the measures outlined include a reduction in tax concessions, especially discretionary exemptions – a promise made in previous budgets, but apparently not followed through.

CLICK HERE TO GET ON THE ABN WHATSAPP

Browne says his administration recognizes that concessions and tax incentives are required to encourage investments in new projects and major commercial expansions.

Accordingly, he says the Government will continue to provide them as required and in accordance with the Antigua and Barbuda Investment Authority (ABIA) Act and the Small Business Development
Act.

Be part of the conversation.

Let us know what you think by adding a comment below. Click here to start now!

But, he says, “for ongoing routine business operations – to include consumables – these concessions will be discontinued.”

Another noose around the necks of the people, critics say, is an increased tax rate on properties valued at $3 million or more. There will also be a 10 percent excise tax (sin tax) on alcohol, tobacco, and cannabis products, while the Money Transfer Levy will increase from 2 to 5 percent, as well.

CLICK HERE TO GET ON THE ABN WHATSAPP

The Browne Administration will also be broadening the base of the Antigua and Barbuda Sales Tax (ABST) by enhancing the list of services that would attract the tax – including online streaming services.

According to the finance minister, the Government will also end the concessionary ABST rate applicable to several transactions, most notably within the tourism sector.

“Increasing the ABST rate from 15 percent to 17 percent and applying this rate to the tourism sector, which currently attracts a rate of 14 percent,” is another tax measure, Browne says.

The cost of living and inflation are already high; however, although there may be a nominal impact on prices because of the rate adjustment in the ABST, Browne says the change will not affect a wide selection of food and other essential items.

“Already, many of the basic food items we presently consume are zero-rated, so consumers do not pay ABST on them,” he says.

CLICK HERE TO GET ON THE ABN WHATSAPP

He listed some of the zero-rated items, including most fruits and vegetables, including – but not limited to – bananas, oranges, grapes, potatoes, broccoli, cauliflower and lettuce; baby products; dry goods and oils to include pasta, sugar, corn meal, flour, rice, and cooking oils; chicken, fish, locally produced meats, and eggs; canned sardines and tuna; bread; cereals, cheese and milk; water; medicine,
pharmaceutical supplies, and adult diapers.

According to the prime minister, exempt supplies for use in the agriculture and fisheries sectors will not be affected by the change in the ABST rate, either.

He says that the Government, through the Ministry of Finance; the Prices and Consumer Affairs Division; the Customs and Excise Department; and other critical stakeholders, will monitor prices as
the revenue reforms are implemented.

CLICK HERE TO GET ON THE ABN WHATSAPP

Additionally, Browne claims that the basket of essential goods and the list of price-controlled items are being reviewed, and recommendations will be made to the Cabinet for appropriate adjustments.

“The intention is to minimize the price effect on basic and essential goods and ensure timely interventions are made to cushion any impact on vulnerable groups in society,” he says. — (REAL News)

Аdvеrtіѕе wіth thе most visited news site in Antigua and Barbuda ~ Wе оffеr fullу сuѕtоmіzаblе аnd flехіblе dіgіtаl mаrkеtіng расkаgеѕ. Yоur соntеnt іѕ dеlіvеrеd іnѕtаntlу tо thоuѕаndѕ оf uѕеrѕ іn Antigua аnd аbrоаd via our One Signal push notifications! Соntасt uѕ аt [email protected].

———————————————————————

CLICK HERE TO GET ON THE ABN WHATSAPP

CLICK HERE TO GET ON THE ABN WHATSAPP

CLICK HERE TO GET ON THE ABN WHATSAPP

CLICK HERE TO GET ON THE ABN WHATSAPP

CLICK HERE TO GET ON THE ABN WHATSAPP

CLICK HERE TO GET ON THE ABN WHATSAPP

Make a donation to help support ABN, via PayPal: [email protected]. Follow Antigua Breaking News on X, formerly Twitter @ABNAntigua, and Instgram @AntiguaBreakingNews and on Facebook. Send us a message on WhatsApp at 1-268-779-3189 or email us at [email protected].

Share this article:

Facebook
Twitter
Pinterest
LinkedIn

Join the Conversation!

Comments are closed.

REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]