Financial expert believes gov’t should lower customs duties in lieu of granting waivers
Spread the love
An economist is suggesting that the government consider decreasing customs duties in a bid to ultimately increase the amount of taxes it collects.
During last Thursday’s Budget presentation, Prime Minister Gaston Browne disclosed that in 2019, of every $1 that was collected by the Customs and Excise Division, an equivalent amount was waived, and to that end a decision had been made to gradually reduce the total tax exemptions to no more than 25 percent of potential revenue.
The PM said while the law will maintain some allowance for waivers in support of business activity and major investment, such waivers will not exceed 50 percent of the applicable charge.