Prime MInister Gaston Browne who is also the country’s Minister of Fiance says the government will introduce a number of fiscal measures in 2024, to strengthen revenue collection, reduce distortions in the tax system and improve taxpayer compliance.
He said that these measures will include reducing tax concessions granted, especially discretionary exemptions. The Prime Minister said that the government recognizes that concessions and tax incentives are required to encourage investments in new projects and major commercial expansions.
“We will continue to provide these concessions as required and in accordance with the Antigua and Barbuda Investment Authority (ABIA) Act and the Small Business Development Act. However, for ongoing routine business operations to include consumables these concessions will be discontinued”, the prime minister said.
He also disclosed that the government will increase the property tax rate on properties valued at $3 million or more and Implement a 10% excise tax on alcohol, tobacco, and cannabis products.
