New fees and fines effective January 1

SEVERAL fiscal measures announced in the 2022/2023 budget are now in effect.

When he presented the budget in the House of Representatives on September 26, 2022, Finance Minister Colm Imbert announced several fiscal measures which would come into effect from January 1 (New Year's Day).

Those measures are as follows:

Increasing the personal income tax exemption limit from $84,000 to $90,000 per year, for people earning $7,500.00 a month or less.

Increasing the VAT (Value Added Tax) registration threshold from $500,000 to $600,000, for small and medium enterprises.

Rebates of up to $25,000 for the implementation of renewable energy, such as solar and wind energy, in agricultural production.

A three-tiered subsidy structure for housing construction – $165,000 (on flat lands); $170,000 (on undulating lands and $175,000 (on hilly lands).

One-time manufacturing tax credit for companies which invest in new machinery, production lines and equipment.

An investment tax credit for energy companies from 25 to 30 per cent to stimulate exploration and development-related investments in the energy sector.

Decrease the rate of the Petroleum Profit Tax (PPT) from 35 to 30 per cent for companies engaged in deep water exploration.

Increase in the illegal timbering fine from $20,000 to $100,000.

Increasing fines for offences related to he theft of scrap iron from $15,000 to $100,000.

Exempting approved small companies from paying corporation tax for a period of five to six years.

A 100 per cent all firearm license fees.

Increasing the fees payable under the Commissioners of Affidavit Act.

Increasing the fines for oil pollution from $10,000 to $100,000.

Increased domestic airbridge and seabridge fares-

Airbridge (one way, increase from $150 to $200).

Seabridge (one way. People over 60, previously free now $25; standard class, $50-$75, premium, $100-150).