Government’s plan to collect an extra 120 million dollars in tax now has the might of law through the pandemic contribution levy bill passed in the House of Assembly today.
Minister in the Ministry of Finance and Economic Affairs Ryan Straughn emphasized that the money is needed to help government to bridge the significant cash flow gap caused by the covid-19 pandemic.
Individuals earning more than $6,250 a month will pay one percent of their monthly earnings while certain categories of companies will pay 15 percent of their net income over an eight-month period.
He explained why the telecoms, insurance and finance sectors were targeted.
He reminded the self-employed that they too have to pay up.