Private sector says more should have been done to reverse negatives from 2017 budget

The Private Sector Commission (PSC) says while it agrees that measures published in Budget 2018 will certainly have a positive impact on local businesses, it believes that more could have been done to reverse the negative impact of the 2017 Budget.

In an end of year statement yesterday, the PSC said: “There is need to reexamine the tax policy on goods from zero rating to exempt and standard rated goods and services, the VAT on electricity, the VAT on agricultural and mining machinery and inputs. Withholding disposable income from the economy does not bode well for growth. We look forward to discussions with our Minister of Finance, Hon. Winston Jordan, at our quarterly meetings in 2018 where we hope to find mutually beneficial solutions to our issues”.

Its statement addressed a range of issues.