Grenada presents $203.7M capital budget, no new taxes

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Grenada’s Finance Minister Nazim Burke

Grenada’s Finance Minister Nazim Burke on Thursday presented an EC$203.7 million capital budget. It is EC$44.7 million more than last year’s, or an increase of 35.6 per cent.

Burke told Parliament that the government has increased the allocation for tourism, the lead earner of foreign exchange; increased the allocation to agriculture and fisheries; and extended tax relief to the construction and automobile industries. 

He also announced that the Tillman Thomas administration will waive personal income tax on severance payment made to workers by employers upon involuntary termination of employment for a period of four years.

“We have increased the allocation for community development projects by 90 per cent from EC$2.75 million to EC$5.25 million, thereby creating more jobs for our people and improving services in our communities,” Burke announced.

He also indicated that the government will provide employment opportunities for a further 300 persons between the ages of 15 and 24 under the Population and Housing Census, and will deliver 361 housing units to Grenadians. (Excerpt from Caribbean News Now)

 

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