Prime Minister Dr.Ralph Gonsalves described the Customs Duties Amendment Bill which was passed in the House of Assembly on Monday as an absolutely innovative approach in addressing taxation at the port of entry.
While contributing to the debate on the Bill in yesterday’s sitting of the Parliament, Dr. Gonsalves said one of the objectives of the bill is to incentivize the purchase of newer vehicles with smaller and more efficient engines.
The Prime Minister also outlined the four factors for the new surtax regime.
The other Bills passed yesterday were the Statutes Amendment Bill; the Administration of Small Estates Amendment Bill and the John Renton Pension declaration Bill.
The Draft Value Added Tax Amendment Regulations were also approved at yesterday’s sitting of Parliament.
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