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FRIDAY,
FEBRUARY 08, 2019
VOLUME 113, No.06
www.thevincentian.com
EC$1.50
Dr. Friday: ‘More of the same…’ at 2.3 percent for 2018 — although, as the Leader of the opposition noted, THE 2019 BUDGET is more of the based on the figures presented by same and nothing different from those other organizations, it was difficult to presented in the past. determine the real economic growth. “The Minister of Finance presented But the Budget was about the this Budget…you would have thought creation of jobs and a good standard of that we had won the lottery here in St living, Dr. Friday quipped. Vincent. All these new terms and He contended that the rate at projects that are supposed to dazzle which the economy grew under the not just the members of the House, Unity Labour Party administration but the electorate,” Leader of the was constant, and despite the attempt Opposition, Dr Godwin Friday said in by the finance minister to his response to the 2019 Budget on differentiate the 2019 Budget Tuesday. presentation from the others, it lacked substance. No hope for young people He said that there was no love shown in the budget presentation. According to Dr Friday, there was “Because the young people who the talk of growth in the economy, placed minister say they love so much, they Stories by DAYLE DA SILVA
are still confronted with the same old budget, same old predictions of growth,” the Opposition Leader espoused, adding that the budget had no sense that “we have to do something different to jump start the economy, to give hope to the young people.”
They can’t do it Over a billion dollars had been budgeted for the fiscal year 2019, and according to Friday, that did not mean anything except to suggest that more items were included over last year.
Dr. Godwin Friday, Leader of the Opposition, found difficulty finding Continued on Page 3. any sense of hope in the Budget for 2019.
BUDGET 2019:
SOME EXCISE DUTIES INCREASED
highest rate of mortality from Non-Communicable Diseases within the Americas, with the prevalence of diabetes doubling the global rate. “The four main risk factors for NCDs are tobacco use, harmful use of alcohol, unhealthy diet and physical inactivity,” Gonsalves said. The issue was cause for concern and costly to Government, not to mention the impact on production, the health system, and quality of Tobacco life generally, the minister imputed. The Finance Minister Against that backdrop, prefaced the new duties the excise duties for for tobacco and other cigarettes containing tobacco products by tobacco will increase saying that the from $1.55 per 100 sticks Caribbean had the to $2.75, representing the first increase on Left: Minister of Finance tobacco since 2015 Camillo Gonsalves had an when the excise duty air of satisfaction about moved from $0.55 to him, as he delivered the $1.55. 2019 Budget. TOBACCO, ALCOHOL and artificially sweetened/sugar-added beverages are among the commodities that will attract increases in excise duties this year. According to Minister of Finance Camillo Gonsalves in his Budget address, the fiscal measures in relation to these products were designed to dissuade the excessive consumption of tobacco, alcohol and sweetened beverages.
Unmanufactured tobacco and tobacco refuse will see an increase from 6 to 10 percent; cigars will attract an increase from 14 to 20 percent; other tobacco and tobacco substitutes from 6 to 10 percent, and other types of products — an increase from 12 to 18 percent. This is expected to yield an additional EC$500,000 in revenue.
Sweetened and alcoholic beverages Water, including mineral waters and aerated waters containing added sugar or other sweetening matter or flavoured, is expected to see an increase in excise duty from 10 to 20 percent, and aerated beverages will see an increase also from 10 to 20 percent.
These measures were expected to yield EC$2.4 million. Gonsalves also announced a 10.7 percent increase in excise on undenatured ethyl alcohol of an alcoholic strength by volume of 80 percent or higher, and a 20 percent increase in spirits including brandy, whiskies, gin geneva, vodka and rum in bottles of strength not exceeding 46 percent volume. These measures are expected to yield EC$800,000.
Petroleum products and fuel Petroleum products and fuel are also targets for increased duties. The Minister prefaced this measure with reference to the Continued on Page 3.