Prime Minister and Minister of Finance, Corporate Governance and Public Private Partnerships, the Honourable Gaston Browne, will deliver the 2024 Budget Statement in the House of Representatives Friday morning.
During his presentation, the prime minister is expected to outline the successes and challenges his government experienced over the last year and their aims and objectives for 2024 in placing the country on a continuing path to economic growth and stability.
While budget presentations in recent times have been void of tax increases, today’s statement will be different, as Prime Minister Browne is set to announce “small increases” to at least three taxes and address the nation on the reasons for such decisions.
Already, Mr. Browne has moved to allay the fears of citizens and residents, some of who are concerned they will be negatively impacted by the tax increases. The head of government during the recently held V.C. Bird Day celebrations, has said instead of being fearful, the actions of his administration should be viewed by citizens and residents as them making “a further contribution to nation building”. Assurances have given that the basket of zero-rated items will be unaffected.
In an Op-Ed earlier this week examining the 2024 budget, Professor C. Justin Robinson, Professor of Corporate Finance and Principal of The University of the West Indies Five Islands Campus wrote, “The Finance Minister faces a delicate and difficult balancing act to repair the public finances from the damage done by the Covid 19 pandemic and the history of primary deficits, while not damaging the economic growth prospects of the economy.
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