Revenue stamps being required on retail transaction receipts will be abolished in a matter of days as Senior Finance Minister Dr. Ashni Singh successfully piloted the Tax Amendment Act, Bill Number 9 of 2022 in Parliament during Tuesday’s 47th Sitting of the National Assembly at the Arthur Chung Conference Centre.
The first reading of the Bill took place on April 13, 2022 and the second reading and passage by the National Assembly concluded on Tuesday.
This measure being implemented forms part of the wide range of relief measures the Government has implemented since its assumption to office on August 2, 2020.
To date, government has removed Value Added Tax (VAT) on water, household necessities, educational and medical supplies. Further, measures were implemented to increase disposal income including the distribution of $7.5 billion worth of COVID-19 cash grants while $7.8 billion worth flood relief was also distributed to persons most affected by the 2021 floods.
On Monday, four additional relief measures were announced by President Irfaan Ali namely:
-A one off $25,000 cash grant to every household in riverain and hinterland communities which places an additional $800 million in the hands of these households facing hardship;
-A $1Billion purchase of fertilizer to be distributed free of cost to farmers;
-The operationalization of a home construction facility to help persons building their homes secure loans from financial institutions, and being able to choose from the delivery of model homes at a cost of $7million, $9 million or $12million;
-The removal of Value Added Tax (VAT) from sheetrock and concrete board to aid in the country’s housing and construction drive.
