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Re: Sin taxes going up big time
[Re: LianeLeTendre]
#98193
05/23/2016 07:55 PM
05/23/2016 07:55 PM
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Joined: Nov 2014
Posts: 1,049
StormJib
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Joined: Nov 2014
Posts: 1,049
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The liquor, cigarettes, and even personal computers are all taxed as a duty at the border and not a point of sale or sale tax charged to the end user by the retailer. So theoretically it could be done overnight. Last I heard only the total amount of +/-$26 Million in annual increases had been decided. When it comes to alcohol there is debate on a flat bottle tax versus a percentage. With a duty the retailer could raise all their prices immediately or phase it in slowly with each new purchase. the aim for government is to raise $20.5M in additional revenue in 2016.
The Premier said that in addition to the measures instituted in 2016, in 2017 Government expects to adopt a modern, more progressive payroll tax system to promote equity while maintaining the simplicity of the current tax structure.
He said that this administration will also introduce innovations to tax collection methods, thereby improving efficiency and reducing the costs associated with collections; and also review and revise the current stamp duty regime.
“Our expectations are, that in combination with the measures taken, we are projecting total additional revenue of $26.2M,” Premier Smith announced.
"Government also plans to introduce an environmental levy and to harmonise the existing fee and tax structure for hotels and yachts. There are plans to also review and revise the current marine fees structure by consolidating existing fees and creating a collection system."
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