Cabinet approves General Sales Tax – rate to come later
While the big news concerning Cabinet is its two new members, that body's last meeting prior to its realignment produced some significant decisions. According to a government release, Cabinet has approved in principle to introduce G.S.T., which means either Goods and Services Tax or General Sales Tax. But a return to the VAT, a levy much maligned by the P.U.P., but one that--unlike the sales tax--worked well and kept everyone relatively honest. At a special session on November eighth Cabinet will finalize the rate, exemptions and threshold for the G.S.T., which will come into effect on April first, 2006.
(Channel 5 News Online)