Minister of Finance, the Hon. Camillo Gonsalves, has announced an increase levy on gasoline and diesel as well as tobacco, sweetened drinks, and landing fees at Argyle International Airport.
Minster Gonsalves, who made the announcement during his budget address on Monday February 4th, said the tax measures are expected to contribute to the financing of the budget.
On gasoline, the excise will move from the current rate of 2 dollars and 50 cents to 3 dollars – an increase of 20 per cent.
Taxes on gas and oils other than diesel, has risen to 40 per cent, moving from 1 dollar and 50 cents to 2 dollars and 10 cents.
According to Minister Gonsalves, the adjustment is expected to generate an additional 4.2 million dollars for the government.
He said that the excise on petroleum products was in response to these demands for spending on roads, healthcare and environmental protection, while excise on water, including mineral waters and aerated waters, containing added sugar or other sweetening matter or flavour, would increase from 10 per cent to 20 per cent.
There will also be an increase in taxes from 10 per cent to 20 per cent on aerated beverages