Grenada: Tax department presents proposed 2023 Budget
Grenada’s 2023 Budget Presentation was reported by the Prime Minister of Finance, Hon. Dickon Mitchell.
The Presentation consists of the following measures that will be mainly effective on 1 February 2023:
- Increasing the VAT rate on carbonated and soft drinks, as well as beverages with added sugar, from 15% to 20%
- Removing sugar from the list of zero-rated VAT
- Excluding particular food and personal care products from the VAT
- Lowering the VAT on mobile and broadband data from 20% to 15%
- Lowering the VAT rate from 15% to 7.5% for all power use and reintroducing zero-rated VAT for domestic electricity up to 99 kWh
- Providing 100% VAT exemptions for particular technological and creative equipment for 12 months
- Increasing the excise rate on alcohol and cigarettes to 200% from 105% each
- Reassessing real estate prices in 2024 and
- Digitizing the Tax Administration System
Other measures discussed are effective in January 2023:
- Providing taxpayers a 100% 12-month tax amnesty that covers any fines and interest due up to December 2021, effective on 1st January
- Reinstate the petrol tax rate of XCD 3.50 per gallon, effective on 18th January.
Source: finance.gd
