This news article is a production distributed through Caribbean News Service. It is made freely available to your media and we encourage publishing and redistribution, giving credit to Caribbean News Service (CNS).
ST JOHN’S, Antigua, Jan 21 2016 – Prime Minister Gaston Browne on Thursday announced that effective April, personal income tax will be abolished in its entirety.
The Prime Minster who made the announcement in his presentation of the 2016 Budget said this was a promise made to the people of Antigua and Barbuda during the election campaign.
“That was a major campaign promise, and my Government honours its word to the people. Promise made, promise kept. Abolishing Personal Income Tax is an important reform. Not only will it put more money in the pockets of the people, so that they can save or spend more for the benefit of the economy as whole, it will help to re-establish our country as one of the most competitive in the Caribbean and beyond.”
He said with the elimination of the income tax, EC$30 million will be back in the pockets of the people.
“The cost of collecting PIT (personal income tax); the difficulty of enforcement; and its unfairness, with most of the self-employed not paying or not paying their fair share; make it sensible to remove the PIT from our books,” said Browne who is also Finance Minister.
He noted that with this move, Antigua and Barbuda will be a location that is competitive and also the choice of retirees.
“Antigua and Barbuda will become a competitive location to attract the headquarters of companies and for professionals to relocate, thereby creating more jobs. Retirees will choose Antigua and Barbuda as their retirement home; CIP Investors will invest and chose Antigua and Barbuda over our competitors”.
Concerning the cost of Fuel, Browne said as of February 1, the government will reduce the price of gasoline and diesel.
“The price per gallon of gasoline will be reduced from $13.50 to $12.50, and the price per gallon of diesel will come down from $13.20 to $12.20.”
He however noted that the consumption tax on gasoline and diesel will not be reduced “until my Government had stabilised the financial system and laid a foundation for the future.”
