• Latest

2019 Budget provides for 2% reduction on personal and corporate tax

4 years ago
Prime Minister’s Address: Grenada’s preparation for Covid-19

Opposition leader to deliver keynote address at FORECAST 2022 conference

8 mins ago
Grenada attends regional maritime meeting

Grenada attends regional maritime meeting

36 mins ago
Grenada will not attend first OECS Parliament session

OECS Commission extends Condolences to Cuba

51 mins ago
Traffic Notice: River Road limited access

Masquerader falls from trailer truck

56 mins ago
Collaborations at Birmingham Festival 2022

Collaborations at Birmingham Festival 2022

4 hours ago
RGPF Reports 77% detection for 2014

Stabbing incident

4 hours ago
Tropical Weather Outlook: Tuesday, 9 August 2022 (2 am)

Tropical Weather Outlook: Tuesday, 9 August 2022 (2 am)

6 hours ago
Carnival 2014 Road Traffic Order

Traffic Notice – St David J’ouvert

6 hours ago
Tropical Weather Outlook: Monday, 8 August 2022 (8 am)

Tropical Weather Outlook: Monday, 8 August 2022 (8 am)

24 hours ago
Spicemas 2022 Groovy Monarch, Soca Monarch and Panorama results

Spicemas 2022 Groovy Monarch, Soca Monarch and Panorama results

1 day ago
Tropical Weather Outlook: Monday, 8 August 2022 (2 am)

Tropical Weather Outlook: Monday, 8 August 2022 (2 am)

1 day ago
Tropical Weather Outlook: Sunday, 7 August 2022 (2 pm)

Tropical Weather Outlook: Sunday, 7 August 2022 (2 pm)

2 days 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

2019 Budget provides for 2% reduction on personal and corporate tax

This story was posted 4 years ago
21 November 2018
in Business, General News
3 min. read
Finance Minister Dr Keith Mitchell presenting Grenada’s 2019 Estimates of Revenue and Expenditure
Share

by Linda Straker

  • 2% tax reduction for individuals and corporate bodies
  • Country continues to attract investment with a heavy focus on tourism
  • US$30 million World Bank makes provision for government to reduce public debt

Individuals and corporate bodies are to benefit from a 2% tax reduction as announced by Finance Minister Dr Keith Mitchell when he presented Grenada’s 2019 Estimates of Revenue and Expenditure which provides for total expenditure including principal repayment on public debt of EC$1,134,013,956.

Presented on Wednesday during the first sitting of the second session of the Tenth Parliament, the focus for the 2019 budget will be on Building Resilience, Advancing Social Development and Transforming the Economy.

He told the Parliament that EC$780.4 million of the total is Recurrent Revenue while EC$637.8 million is Recurrent Expenditure. Capital expenditure is EC$196.4 million. Current Account Surplus is EC$142.7 million; Primary surplus after grants is EC$201.9 million; Overall surplus after grants EC$129. 9 million and Principal repayment/Amortisation is EC$299.8 million.

Indicating that Grenada’s economy will continue to grow in 2019, the Prime Minister said that one of the key factors of the strong economic performance is the targeted public sector investment programme of the government.

“I would be the first to admit that we must do more to improve our implementation rate and therefore the period 2019, a concerted effort would be made to procure services to assist with capacity building in the area of project management in the public service,” he said.

With regards to public sector investment, Dr Mitchell said the economic confidence is evident as the country continues to attract investment both from local and foreigners with a heavy focus on tourism. As of September 2018, of 47 applications for investment, 41 projects were approved with 23 within the tourism sector.

Announcing a 2% reduction on personal income tax and corporate tax for the 2019 tax period, the Prime Minister explained that the reduction would help stimulate the local economy despite the negative effect it will have on government’s revenue.

“Mr Speaker the 2% points reductions will obviously affect government’s revenue collection, but more importantly it will help to stimulate the local economy, put more disposable income in the hands of workers and for companies affording them extra capital to potentially re-invest and grow their respective businesses,” he said.

He also disclosed that relief is on the way for claimants who would have secured judgements against the government for various infractions. “Government is keen to finally settle these claims some of which will be done posthumously,” he said while explaining that the US$30 million loan received on concessionary terms from the World Bank makes provision for government to reduce public debt.

“As such a portion of the funds will be used to compensate claimants, including those whose claims pre-date the New National Party administration,” he said.

Informing the House that the priorities set out in the 2019 budget are intended to give the nation hope and confidence, the Prime Minister in his almost 2-hour presentation called for nationals to be optimistic about the future because the country cannot be built on pessimism.

Making a plea for Grenadians to approach the future with confidence, he said that confidence emanates from the acceptance of our collective ability to overcome difficulties. “The confidence that emanates from the economic growth being experiences after years of shared sacrifices,” he said.

“History would record Grenada is not defined by its borders or the boundaries of its land mass, but rather it is defined by people who have been united by a cause, who share a common value system and who are committed to a common vision for the type of society they wish to live in and one which future generations will inherit,” he said.

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.
Tags: budgetlinda strakertax reduction
Next Post
PM Mitchell says accepting unions demands will financially cripple the country

PM Mitchell says accepting unions demands will financially cripple the country

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.