Expect to be paying more for tobacco and alcohol products from September 30 when the 2016-2017 budget is presented.
The Finance Ministry says the line minister, Colm Imbert, will read the budget at 1.30 pm in Parliament and it’s going to be an austerity budget in light of the country's declining revenues from the energy sector which Prime Minister Dr Keith Rowley said have fallen by as much as 70 per cent. The budget has to be in place by the end of October for start of the new financial year. Imbert gave the date in an announcement in Parliament yesterday.
The Ministry of Finance has confirmed that changes to the VAT regime will be effective from February 1st 2016.
In the 2015/16 Budget speech, Minister of Finance, Colm Imbert, promised that the changes to the tax structure, including the 2.5% decrease, will be implemented on January 1st 2016.
However, in a media release sent last night, the Ministry stated that the delay was a consequence of the necessary changes required to the overarching legislation.