The Fiscal Enactment Amendment Bill No. 2 of 2022 was today presented to the National Assembly by Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh.
This Bill seeks to give legislative effect to the commitments made by government to the mining community at the end of May last.
The measures promised included the reduction of final tax from a maximum of 3.5 percent to 2.5 percent which would result in an estimated $1.4Billion being returned to the mining industry, and the removal of the 10 percent Tributors’ Tax that would benefit thousands of workers in the industry with $300 million expected to be returned to those who were paying this tax.
Minister Singh also presented Value-Added Tax (No.3) Order 2022, which was Gazetted earlier in July, removing Value Added Tax (VAT) on lubricating oil, a key input in not only the mining industry, but almost all the productive sectors.
In total, all measures once implemented will see a total of $1.9 billion returned to the industry.
Also tabled, was the Value-Added Tax (No.2) Order 2022, which removed VAT on cement, cement board and sheet rock, in line with Government’s vision for providing relief to citizens as well as to support the housing drive.