No tax on 18 million dollar SGU pay-out to employees

Friday, August 29, 2014 3:21 PM - George's, Grenada
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ST. GEORGE’S, GRENADA, August 29, 2014 – GIS: The Grenada government says it will forego the tax on an 18 million dollar pay-out to employees and retirees of the St. George’s University.

Prime Minister Dr. Keith Mitchell says the Cabinet will make the decision ahead of the payout, planned to coincide with celebrations marking the United States intervention in October.

Employees and retirees are to receive a gift of one thousand dollars for each year of service to the university.

Persons earning more than 60 thousand dollars should have been charged 30 percent on the excess while those within the 60, 000 dollar range should have been charged 15 percent.

The Grenadian leader says forgoing the tax is a sacrifice the government is prepared to make in a period of structural adjustment.

“This is indeed a beautiful and bright day for all citizens of this country but, as you know, we are under structural adjustment, so I have to be very careful because there are other people listening to me,” Prime Minister Mitchell said.

“I want to assure you that the Cabinet will be pleased to say that all the Grenadian personnel who have worked with the university and have benefitted from this, we are not going to take one cent tax.”

Prime Minister Mitchell was addressing a ceremony to announce major investment into SGU by Canadian investors Atlas Partners and a fund advised by Baring Private Equity, Asia.

Chancellor Charles Modica says SGU is proud to honour its staff.

“The actual payment will be made at Thanksgiving Day here in Grenada, or the day before, to commemorate Thanksgiving and also it will take us that much time to figure it all out and get all the cheques written,” Modica said.

“We are just proud to tell you about that 18 million dollars and I am so proud of the faculty for honouring the staff members who may be lowly paid in some cases, allowing everybody to have a gift for years served. So we are going to give you all one thousand dollars per year served.”






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