Antigua and Barbuda is gearing up for the 2024 Budget Presentation, scheduled for December 5th instead of the usual January under the Gaston Browne Administration.
The Cabinet, in extensive discussions with the Ministry of Finance’s team, led by the Financial Secretary, is scrutinizing the government’s fiscal standing. Despite a 16% tax-to-GDP ratio, the Caribbean Development Bank advocates for a 25% balance.
The government aims for a 20% ratio by implementing strategies like reducing discretionary tax waivers, enhancing tax collection, and controlling spending. Social programs will target those in need, while wage adjustments will align with inflation to meet the $38.6 million monthly salary expenditure.
The Ministry of Finance will assess the Antigua and Barbuda Sales Tax, seeking ways to enhance its revenue efficacy.
Importantly, no new taxes, particularly Personal Income Tax, will be introduced; instead, efforts will focus on robustly collecting existing taxes.
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