The 2014 /2015 national budget was presented in July under the theme “Towards Expansion of the Economy”. As part of the presentation, several private sector economic stimuli, toward the expansion of the economy were revealed. They include:
- Reduction of corporate tax form 30% to 25% over a two year period effective January 2015. Many businesses will experience the effects of paying lower taxes on profits annually.
- Increase mortgage interest allowance from $15,000 to $25,000 per annum effective January 2015. The part of the working class with mortgages will have more disposable income which gives more spending power to support local businesses.
- Increase in non-taxable allowance from $20,000 to $25,000 per annum effective 1st January 2015. This change will affect all employees who earn more than $20,000 annually, allowing for more disposable income to support all business enterprises.
- Rebate to employers of 2% of the gross salary paid to new employees; maximum rebate per employee is set at $6,000 over a twelve month period. This is an incentive to encourage companies to hire more employees.
- Removal of 15% Value Added Tax on service charge effective 1st September 2014. This will allow for a lower cost on all services offered.
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