The government of the British Virgin Islands unveiled its 2004 budget proposals earlier this week, with a heavy emphasis on public spending and tax cuts for less well-off islanders.
The budget proposes an 18% increase in government spending, which the administration has earmarked for investment in the health, education and other public services. However, the aggressive spending will result in the government approaching the Caribbean Development Bank to borrow an extra $7.2 million.
On the taxation side, the tax free proportion of an individual’s earnings is to be raised from the first $3,000 of income to $7,500, a measure that will cost the government around $700,000 according to Financial Secretary Glenroy Forbes.
Despite this cut in taxation, however, the government predicts that revenues for 2004 are set to increase 10% to $194.4 million, compared to the $180.6 million collected in 2003.
Members of the jurisdiction’s parliament will begin to debate the National Democratic Party’s first budget since coming to power earlier this year, on January 5.
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