A ‘little’ GOOD NEWS! Gov’t reducing GCT

Finance Minister Dr Nigel Clarke.

The government will be reducing the general consumption tax (GCT) by 1.5 per cent in the 2020/21 financial year.

Minister of Finance and the Public Service Dr Nigel Clarke made the announcement in Parliament Tuesday night (March 10).

Clarke, who was opening the annual debate on the Appropriations Bill, said the reduction would affect revenues to the tune of $14 billion.

However, he explained that it would allow for more disposable income in the economy. The tax is currently at 16.5 per cent.