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2017 Budget Brings Fiscal Relief

Monday, December 12, 2016 8:32 PM- George's, Grenada

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ST. GEORGE’S, GRENADA, Monday 12th December, 2016 –GIS:  Prime Minister Dr. the Rt. Hon. Keith Mitchell announced several new tax measures, which will bring relief to the citizens of Grenada, during his budget presentation on Friday, December 9, 2016.

Prime Minister Mitchell, said, “Our fundamental philosophy of putting more disposable income, in the hands of the people, has never been changed.”

One of the most noticeable relief measures of the 2017 Budget will be the reduction in the personal income tax rate from 15 percent to 10 percent, as of the new fiscal year.

Additionally, there will be a Tax Registration Amnesty for the period January to March 2017, which will facilitate the registration of tax payers who were not previously registered, with the Inland Revenue Department, without penalties.

There is also a Tax Filing Amnesty for Annual Stamp Tax, for the  period 2013 to 2015, without the filing penalty, between June to August 2017.

Added to that, in response to a request for relief, from the business community, there will be a reduction in the Annual Stamp Tax rate from 0.75 percent to 0.7 percent, which will take effect for the tax period 2018.

Additionally, income tax on pensions will be removed from January 2017.

“Thanks to decisive and united leadership and the sacrifices of our people, we have built a solid foundation and now we are better positioned to pursue this philosophy,” the Prime Minister said.




 

 

 

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