{"id":193843,"date":"2024-01-13T15:21:07","date_gmt":"2024-01-13T19:21:07","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=193843"},"modified":"2024-01-13T15:21:07","modified_gmt":"2024-01-13T19:21:07","slug":"statutory-bodies-being-forced-to-pay-50-dividend-on-profits-to-the-government","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/statutory-bodies-being-forced-to-pay-50-dividend-on-profits-to-the-government\/","title":{"rendered":"Statutory bodies being forced to pay 50% dividend on profits to the government"},"content":{"rendered":"
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The Cabinet of Antigua and Barbuda has approved a policy requiring all Statutory Corporations and government-owned companies to remit a minimum of 50% dividend of their profits or surpluses to the consolidated fund.<\/p>

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The decision, which comes into effect on January 1, 2024, seeks to ensure a steady influx of funds into the national treasury.<\/p>\n

The policy, outlined as part of the broader fiscal strategy, is expected to enhance the government’s financial capacity to meet various obligations, including funding social welfare programs and maintaining the nation’s health infrastructure.<\/p>

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By channeling a substantial portion of the profits from these entities to the consolidated fund, the government aims to optimize the utilization of resources for the greater benefit of the public.<\/p>

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However, this directive has sparked criticism from the United Progressive Party (UPP), particularly its leader, Hon. Jamale Pringle.<\/p>\n

In a strong-worded response, the opposition party labeled the Gaston Browne-led government’s move as a failure and raised concerns about the potential impact on essential services such as medical benefits and social security.<\/p>

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“The failed Gaston Browne-lead Government has mandated that at least 50% of all profits or surpluses from all Statutory Corporations and Government Owned Companies must be remitted to the Consolidated Fund, effective January 1, 2024,” stated the UPP in a press release.<\/p>\n

The opposition party emphasized that funds allocated for medical benefits and social security are crucial components of the people’s money, designated for specific purposes related to social welfare and healthcare.<\/p>

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The UPP accused the government of lacking transparency, pointing to undisclosed financial reports from various statutory bodies, which have not been presented in Parliament.<\/p>

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Questions about the overall economic state of the government were raised by the UPP, questioning the necessity of such a mandate given recent tax increases and the implementation of new taxes.<\/p>\n

“Aren’t Gaston Browne’s onslaught of tax increases and new taxes enough to prop up Government’s finances? What is the true financial state of the Government?” the UPP queried in its statement.<\/p>\n

In response to these concerns, Hon. Jamale Pringle has demanded accountability and called for the submission of all audited accounts and management letters to the Public Accounts Committee.<\/p>\n

The opposition leader has scheduled a gathering at The People’s Parliament on Thursday, January 18, at Freedom Hall, where issues related to governance, financial transparency, and economic policies will be addressed.<\/p>\n

The event will also be streamed live on the MYUPP Facebook page, inviting citizens to engage in the discussion and seek clarity on these matters.<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

The Cabinet of Antigua and Barbuda has approved a policy requiring all Statutory Corporations and government-owned companies to remit a minimum of 50% dividend of their profits or surpluses to the consolidated fund. The decision, which comes into effect on January 1, 2024, seeks to ensure a steady influx of funds into the national treasury. […]<\/p>\n","protected":false},"author":3,"featured_media":193845,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-193843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nStatutory bodies being forced to pay 50% dividend on profits to the government - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/statutory-bodies-being-forced-to-pay-50-dividend-on-profits-to-the-government\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Statutory bodies being forced to pay 50% dividend on profits to the government\" \/>\n<meta property=\"og:description\" content=\"The Cabinet of Antigua and Barbuda has approved a policy requiring all Statutory Corporations and government-owned companies to remit a minimum of 50% dividend of their profits or surpluses to the consolidated fund. 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