Grenada: Tax department presents proposed 2023 Budget 

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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

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