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.
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