(GIS): – A year after unveiling a package of relief measures, the Keith Mitchell led government is again promising another offer to the country.
Prime Minister Mitchell has announced measures that could come into effect within six months and impact on individuals as well as businesses, if the fiscal space would allow.
In his presentation of the 2018 budget on Monday, the Prime Minister and Minister of Finance promised a 5% reduction in the rate of personal income tax and a five percent drop in cooperative Income tax by June next year.
The Grenadian leader also promised an increase in public assistance to the elderly.
“Reducing the rate of personal income tax in different categories by five percent. Reducing cooperative income tax from thirty percent to 25 to encourage businesses to keep investing and keep moving,” the Finance Minister announced.
“Repaving the Grand Anse main road, and other roads at the heart of the business and productive activities to help us to keep moving. We need to look at increasing the public assistance for the elderly and at the first stage to move from $200 to $300 per individual in an attempt to improve the livelihood and dignity of our senior citizens”, Dr. Mitchell announced to loud applause from the packed audience.
The measures are part of government’s commitment to ensure that all share in the benefits of the Homegrown Structural Adjustment Programme, which has lifted Grenada’s economy from negative to positive growth.