Gov’t plans to stimulate economic activity via changes to tax policy for horse racing, second sale motor vehicles, among other things

Changes to the tax policy for horse racing, energy commodities, and second sale motor vehicles, as well as the importation of breeding goats, sheep, and pigs, will form the basis of revenue generation, for the government’s trillion-dollar budget, for the upcoming fiscal year.


This, as for another year, the government has announced that no new tax will be imposed.


Finance Minister Dr. Nigel Clarke has indicated that other methods will be used to stimulate economic activity.


Speaking in Parliament yesterday as he opened the Budget Debate, Dr. Clarke said existing legislation which stipulate high fees has prevented dealers from creating an industry for the second sale of used vehicles.


These transactions are done mostly by the vehicle owner.


Dr. Clarke said changes will be made to the laws to allow dealers to do second sale for vehicles.


Another measure involves income tax credit for imported energy commodities.



The Finance Minister said policy changes in the GCT for the importation of some animals by the Agriculture Ministry over the next 3 years, will help revive stock and ensure food security.



He stressed that the government is committed to sharing the economic gains with citizens.






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