12 highlights of the 2018 Budget
The $50.5 billion budget has been presented in Parliament.
Finance Minister Colm Imbert announced a number of measures in the 2018 fiscal package aimed at closing the gap on the $4.76 billion budget deficit.
Here’s a look at 12 highlights of the 2018 Budget.
1. Effective immediately: an increase in diesel and super prices: Super increased from $3.58 to $3.97 per litre; Diesel from $2.30 to $3.41
2. Current restrictions on maxi-taxi licenses to be removed, to allow for a freer public transportation system
3. Grants of up to $100,000 ($20M allocated by gov't) for farmers under a new Agricultural Financial Support Programme; applicants must be properly certified/qualified
4. National Crime Prevention Programme to prevent crime through community empowerment to be launched
5. Rate assessment exercise for water, electricity rates to be completed by 2018
6. Further review of Government Assistance for Tuition Expenses (GATE) programme expected in 2018
7. Proposed increase of penalty for offence under the Private Hospitals Act from $10 k to $100 k
8. CL Financial assets will be divested either on stock exchange/national mutual funds & available for purchase by the public
9. Corporation Tax increases from 25 percent to 30 percent. This measure will take effect from January 1, 2018
10. Royalty rate of 12.5 percent would now be applicable across the board on extraction of all gas, condensate and oil
11. Tax of 10 percent on all cash winnings of NLCB
12. Commercial banks to have new tax bracket of 35 percent from January 1, 2018