November 25 is Budget Day

Prime Minister Dr. Keith Mitchell in his capacity as Minister of Finance will deliver the 2016 budget on Wednesday, November 25, 2015.

According to a release issued by the Ministry of Finance, the 2016 Estimates of Revenue and Expenditure will be given at a sitting of Parliament to be held the Grenada Trade Centre from

The release said that during the presentation of the budget, Dr. Mitchell will highlight some of his government’s achievements for 2015, while at the same time outline the plans and programmes for 2016 and beyond.

The cash-strapped Mitchell administration has been forced to implement several tax measures as part of a Structural Adjustment Programme (SAP) being supervised by the Washington-based International monetary Fund (IMF).

Among the measure include a widening of the income tax net, a doubling of the Property Tax rate, hikes in a number of government user fees, and increases in the Petroleum Tax.

Permanent Secretary in the Ministry of Finance Timothy Antoine announced that Cabinet has already approved the 2016 budget before it was taken to the Finance Committee of the House of Representatives last week Friday.

Antoine hinted that the budget will focus on job creation, housing, health, agriculture and tourism.

He said he does not anticipate any new taxes being contained in the budget.

The senior civil servant in the Ministry of Finance referred to the Letter of Intent that was sent to the IMF with regard to the three-year Structural Adjustment Programme, which made reference to the country’s tax measures.

He said all of the tax measures have now been implemented and does not anticipate additional ones.

The theme for the 2016 budget is “Moving Forward Together And Delivering Results.”

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