It is too early for the Commission to offer a comprehensive analysis on the Budget, but “we can legitimately ask whether this Government’s Budget is committed, in real terms to the vision it speaks to of improving the quality of life of its people”.
This is according to a statement issued by the Private Sector Commission [PSC]. The PSC said that while it recognizes that the measures in the current Budget will have a positive impact on local businesses, “we believe that in this Budget is distinctly absent those measures necessary to sufficiently reverse the negative impact of the measures in the 2017 Budget.”
It listed for instance: the change of the tax policy from zero rating to exempt and standard rated goods and services, the VAT on electricity, the VAT on agricultural and mining machinery and inputs.
“We are disappointed that there is no clear policy enunciated for addressing a projection on the level of corporate taxation based on which the business community can reasonably plan future investment, a recommendation that we had urged the Minister to embrace.”
The PSC has however complimented Finance Minister, Winston Jordan, on the monies allocated to education. But noted that “we urge the Minister to put in place systems to ensure an adequate return on this investment and that these monies result in the acceleration of human development.”