This week, the Prime Minister and Minister of Finance, Owen Arthur, presented his first budget after being returned to office in February. He pointed to his government's achievements over the previous four years, including the reduction in unemployment from 23% to 11%, reduction in the debt service ratio from 24% to 8%, and the improvement in foreign exchange reserves.
However, the budget would be cautious. He announced a number of measures to incentivise manufacturing industry and the tourist sector, but said that the island's agreement with the WTO meant that it had to accept greater openness and thus, competitive pressure. The import surtax, which had supplanted banned import duties, would be phased out by April 2000. Import licences would also go. He announced the formation of a policy committee to support e-commerce development, expansion of the treaty network, and a revamp of offshore legislation.
Property Transfer Tax is to be increased to 10% for all vendors, but the non-resident purchasers' tax would be abolished. The exemption for residents would be increased from BDS$25,000 to $125,000. Minor changes were are planned for Land Tax.
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