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Gaston Browne, who is both the Prime Minister and Minister of Finance, Corporate Governance, and Public Private Partnerships, is set to deliver the much-anticipated 2024 Budget Statement in the House of Representatives in a few hours from now
This year’s budget presentation is highly anticipated as it is expected to outline the successes and challenges that the government has faced over the past year, as well as their aims and objectives for 2024 in terms of achieving economic growth and stability.
Interestingly, while budget presentations in recent times have been void of tax increases, today’s statement is expected to be different. The Prime Minister is reportedly set to announce “small increases” to three taxes, and provide a rationale for such decisions.
Concerns have been raised among citizens and residents about the potential negative impact of such tax increases.
However, the Prime Minister has sought to allay these fears by stating that the tax increases are geared towards making “a further contribution to nation building.”
He has further assured the public that the basket of zero-rated items will remain unaffected.
Professor C. Justin Robinson, who is a Professor of Corporate Finance and Principal of The University of the West Indies Five Islands Campus, has also weighed in on the 2024 budget in an Op-Ed earlier this week.
The Professor has highlighted the delicate and difficult balancing act that the Finance Minister faces in repairing the public finances following the Covid-19 pandemic and addressing the history of primary deficits while ensuring that the economic growth prospects of the economy are not negatively impacted.