, 2022-10-07 20:59:00,
Last week the Government produced its budget for the year ahead, to a very eager public. Minister of Finance Colm Imbert elaborated on many areas. Some noteworthy areas would be the opening-up of the GATE programme, even though an Opposition member criticised this for whatever reason; a large allocation of funds toward immediate road repair; and the increase of personal income allowance to further save the population some much needed cash in their pockets.
The Government has also made a number of incentives available to small and medium businesses in order to increase productivity, which would lead to job creation and increase revenue; rebates of up to $25,000 for the implementation of renewable energy (wind, solar) in agriculture. This will be administered by the Minister of Agriculture and will take effect on January 1, 2023.
VAT registration threshold is to be increased from $500,000 per year to $600,000 to provide relief and support in the payment of VAT, to benefit the Small and Medium Enterprise Sector, in particular. Significant financial resources are being allocated to the Housing Development Corporation (HDC) to refocus its mandate to construct affordable housing units.
Three Government-guaranteed loans totalling $1.5 billion are being arranged: $500 million will fund the completion of stalled or existing housing projects; another…
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