• Latest
PM Mitchell’s speech at Opening of CTU 25th Anniversary

Income Tax Threshold Expected to be Lowered to EC$36,000

9 years ago
Mighty Sparrow to be honoured with special day in Grenada

Mighty Sparrow to be honoured with special day in Grenada

3 hours ago

Update: NAWASA’s water systems

14 hours ago
Petipha Lewis elected Vice Chairperson of CARICHAM

Petipha Lewis elected Vice Chairperson of CARICHAM

17 hours ago

CDEMA Participating States spared major impact from potential Tropical Cyclone

18 hours ago
Sandals Foundation sponsors National Learn to Swim Week

Sandals Foundation sponsors National Learn to Swim Week

18 hours ago
Justin Sun attended WTO MC12 with focus on SIDS, E-Commerce and more

Justin Sun attended WTO MC12 with focus on SIDS, E-Commerce and more

23 hours ago
Free online psychological counselling services

Free online psychological counselling services

23 hours ago
Digicel retires Billo, D’Music and PlayGo apps

Digicel retires Billo, D’Music and PlayGo apps

23 hours ago

Assessment of NAWASA’s infrastructure ongoing

24 hours ago
This Day in History

This Day in History: 29 June 1830

1 day ago
National Cleanup Begins Friday

All clear issued; normal work and school day

1 day ago
National Cleanup Begins Friday

Tropical Storm Warning discontinued for State of Grenada

1 day ago
NOW Grenada
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Income Tax Threshold Expected to be Lowered to EC$36,000

This story was posted 9 years ago
30 September 2013
in General News
2 min. read
Dr the Right Honourable Keith C Mitchell, Prime Minister
Share

Prime Minister Dr Keith Mitchell has implied that Government will be reducing the income tax threshold to EC$36,000 per year as part of a home grown structural adjustment programme, that is expected to get the approval of the International Monetary Fund and other donors.

However, Prime Minister Dr Keith Mitchell has given assurances that the poor and marginalized will not be impacted. “Whatever happens, the majority of people will still not be paying taxes because most people are not earning EC$3,000 a month”, Dr Mitchell told a meeting held in the parish of St John last week. At present, income tax is 30% on earnings above EC$5,000 per month.

The 2014 budget will be delivered in early December and it’s expected that the new threshold will officially be announce at that time.

He also said that Grenada is expecting about US$300 million dollars in debt relief as a result of debt restructuring program being designed. “If we get that arrangement settled, and we do what we are expected to do we could get as much as US$300 million dollars of debt relief over a period of time,” Dr Mitchell said.

He told the meeting that as a country, sacrifices will have to be made by nationals, indicating that everyone will have to pay their fair share of taxes. The Prime Minister is projecting major economic development for the country as a result of the restructuring program.

“The monies we are getting could help people invest in more Small Business Enterprises, could help develop more educational activities for our children — more scholarships and training to prepare them to take the jobs that’s coming; could be put to health care so that when you go to the hospital you can get modern day treatment,” he said.

He further explain that the money through the programme will also be able to help expand Agricultural activities by investing in technology and improving production levels and giving farmers more power to earn more money.

While admitting that Grenada needs the backing of the IMF any program finalised will not be one prescribed by IMF. “It is a Grenada program supported by the IMF. Let’s get it straight, IMF not running Grenada, we are running Grenada, Carriacou and Petite Martinique”, he said.

by Linda Straker

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.
Tags: businessdebteconomyimfincomelinda strakertax
Next Post
MWAG President Pleads for Radio Entries

MWAG President Pleads for Radio Entries

Comment on post Cancel reply

Please enter your valid email address.
Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.