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Gov't outlines $612 billion budget
Finance Minister Dr Peter Phillips says the government <span style="font-weight: bold">will be seeking to raise 314 billion dollars in taxes this year.
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Dr Phillips gave the breakdown as he outlined how he will finance the 612 billion dollar this year.
The government must find 612 billion dollars to finance its spending plans this year and this is how Dr Phillips says it will be done.
338 billion dollars will come from revenues and grants and the <span style="font-weight: bold">other 274 billion will be borrowed.
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Taxes amounting to 314 billion dollars are expected to make up the bulk of the 338 billion in revenues and grants...but Dr Phillips points out that is before the consideration of new tax measures.
Dr Phillips says that tax requirement will require those who can pay more to pay more, while consideration is being made to protect the poor.
That would mean the GCT will be 16 point 5 percent. Dr Phillips says the reduction in the GCT will take effect on June 1 and will be the first reduction in the standard rate of GCT over the next few years.
He however says the list of items on which GCT will be charged will be expanded.
Dr Phillips says GCT on electricity will remain but customers who use under 300 kilowatt hours of electricity each month will not pay the tax.
Other areas of taxation include an increase in the tax on alcohol, raw tobacco
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