Amcham gives ‘thumbs up’

“Overall we believe this is a positive Budget and we believe the announcement of Private Public Partnerships (PPP) is a welcome and consultation needs to continue,” AMCHAM said in a statement yesterday.

Among the other highlights for the group was the announced overhaul of the petroleum tax regime, the appointment of a procurement regulator, its commitment to the establishment of the Revenue Authority, information and communications technology policies for education, and the extension of the Foreign Account Tax Compliance Act extension.

The biggest disappointment for the group, however, was the implementation of a seven percent online tax from October 20 without consultation, even though Finance Minister Colm Imbert had “commited” to discussing it with them. AMCHAM also suggested that more could have been done in reducing transfers and subsidies.

“The government has recognized that it cannot be business as usual and has taken steps to cut back on expenditure... AMCHAM recognizes this philosophy as we strive to address the current economic challenges,” the group said. (CARLA BRIDGLAL)