By Kyle Christian - Tuesday, January 8th, 2013.
ST JOHN?S, Antigua ? The Antigua Labour Party (ALP) reiterated its pledge to do away with the Personal Income Tax (PIT) ? saying it will only cost the government a $20 million loss in revenue.
?The Antigua Labour Party will eliminate personal income tax in its entirety,? said Gaston Browne, leader of the opposition, in Parliament yesterday.
An upbeat Browne led the opposition?s debate on the 2013 budget presented by government in December.
?We will eliminate it, and by so doing, I guarantee you that we will not lose all of it,? he said.
?As we increase the disposable income of these individuals (income tax payers) and they spend it, these funds will be taxed by a rate of 15 per cent.?
?We could afford to lose 20 million in order to stimulate the economy,? he said.
Browne pointed out that total government revenues have fallen from a high of about $750 million in 2008.
?If we could afford to lose approximately $200 million in about two/three years, we could afford to lose $20 million in personal income tax without any dislocation,? he said.
Browne also addressed the issue of creating a larger duty free space in St John?s. He said his administration would create a commercial hub in the area between Heritage Quay and the Point Wharf.
?One in which will create a regional shopping hub in Antigua & Barbuda to compete with St Maarten,? Browne said.
?This will necessitate in the medium term in doing away with the duty, which as we all know is not WTO compatible and will have to be addressed at some point.?
The ALP leader said the idea is a medium-term strategy actively under consideration and admitted it still needs to be tweaked.
?Provided that we develop that coast line properly, I guarantee you St Maarten will have nothing over Antigua & Barbuda,? he said.
Browne also promised to increase the number of items in the zero-rated basket, which are exempted from the Antigua & Barbuda Sales Tax. He added that certain building materials would be exempt from the tax as well.
The opposition leader commended Finance Minister Harold Lovell for making progress in reducing wasteful expenditure, and doing better than his predecessor Dr Errol Cort, who served as finance minister from 2004 to 2009.
(More in today?s Daily OBSERVER)
?
Source: http://www.antiguaobserver.com/?p=86131
dantoni gillian anderson leah remini desean jackson kyle orton kyle orton ncaa tournament schedule
No comments:
Post a Comment