An increase in Customs Service Charge from four percent to five percent is among fiscal measures announced by Prime Minister Dr. Ralph Gonsalves during his Budget Address yesterday.
The Prime Minister said funds generated from this increase is to be used for the payment of arrears with Organizations such as the World Trade Organization, CARICOM and the OECS.
He said this measure will be implemented at the conclusion of the Budget Debate, and is expected to yield eight million dollars in revenue.
The Prime Minister also announced the introduction of additional tariffs on Article 164 Commodities, as mandated by the Council for Trade and Economic Development, COTED.
Dr. Gonsalves said there will also be an increase in the Excise Duty on Tobacco Products.