Tax Exemptions for Businesses to be removed at the end of November

Businesses across Antigua and Barbuda will have to reapply to Cabinet for tax exemptions come December 1st as Cabinet announced its intentions to end concessions on November 30.

Cabinet Spokesperson Maurice Merchant explained the reasoning behind this move.

“The Government wants basically to review existing concessions to ensure they align with current economic priorities, sustainable development goals and investment strategies.

“It also allows Cabinet to reassess which sectors or projects truly need support,and which can operate without tax concessions. Also, the Cabinet believes that the recall or the cancellation of all these duties and taxes or concessions will promote fair competition. In addition, it will encourage compliance and accountability.

“The need for reapplication will ensure that businesses and projects meet updated criteria and adhere to proper regulations. It also strengthens transparency and accountability in the allocation of tax benefits. It also lends to strategic economic planning whereby it gives Government an opportunity to align incentives with long-term national goals such as green energy, tourism diversification, health and education development.

“It also allows the Cabinet to phase out concessions that no longer serve the country’s interests and so, we will have further developments as the time for the cancellation of these concessions draws closer,” Merchant detailed.