Mr. Speaker we will introduce a number of fiscal measures in 2024, to strengthen revenue collection, reduce distortions in the tax system and improve taxpayer compliance.
These measures include:
Reducing tax concessions granted, especially discretionary exemptions. We recognize that concessions and tax incentives are required to encourage investments in new projects and major commercial expansions.
We will continue to provide these concessions as required and in accordance with the Antigua and Barbuda Investment Authority (ABIA) Act and the Small Business Development Act. However, for ongoing routine business operations to include consumables these concessions will be discontinued.
Implementing the increased property tax rate on properties valued at $3 million or more.
Implementing a 10% excise tax on alcohol, tobacco, and cannabis products.
Increasing the Money Transfer Levy from 2% to 5%.
Broadening the ABST tax base by enhancing the list of services that would attract the ABST – including online streaming services. We will also end the concessionary ABST rate applicable to several transactions, most notably in the tourism sector.
Increasing the ABST rate from 15% to 17% and applying this rate to the tourism sector, which currently attracts a rate of 14%.
Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua! We offer fully customizable and flexible digital marketing packages.Contact us at [email protected]