HOW IMBERT REFUSED TO HELP THE SMALL MAN
FINANCE Minister Colm Imbert backed down in his Budget presentation on original plans to ease the current hardship on the small man.
The Minister had initially planned to provide several benefits to the working class, youths, and emerging investors.
But he declined to implement the proposals.
He had also given thought to impose more stringent measures, raising speculation that he would introduce those tough provisions in forthcoming national Budgets.
Imbert had proposed adding the Alzheimer’s medication Donapezil into the Chronic Disease Assistance Programme (CDAP) to aid an ageing population suffering from this medical condition and dementia.
But that benefit was withdrawn from the package of measures Imbert announced.
The Minister had also originally proposed a grant to the top 5,000 Secondary Entrance Assessment (SEA) students to buy computers and other learning devices.
He considered increasing the stipend for trainees of the Youth Agriculture Homestead Programme, from $1,500 to $2,500 a month.
He had also deliberated on adding 50 more recruits to the Apprenticeship Programme for the Wood and Wood Products Sub-Sector.
Another benefit pondered was raising the stamp duty threshold from $2 million to $2.5 million for first-time homeowners, a measure that would have benefited some 1,000 families.
There were initial plans to increase the National Insurance Scheme’s tax allowance for individuals from 70 per cent to 75 per cent.
A tax allowance of up to $1 million for steam turbine cogeneration systems was yet another provision that was bypassed.
That measure was designed to assist in reducing dependence on fossil fuels and boosting energy sufficiency.
Consideration was also given to expanding the Government’s investment in seismic and geographic research by $50 million.
Still, further, the Minister had aimed to reduce the financial services tax from 15 per cent to 12.5 per cent.
Yet another proposed benefit shelved by Imbert was a 15 per cent tax credit for technology and software expenses up to a value of $25,000 over a two-year period.
In terms of penalties, Imbert put off a planned increase in marriage fees from $10 to $100.
The Minister had also given thought to hike the cost of inspection and import permit fees.
A further penalty contemplated was a 100 per cent increase in land transaction fees.
The Finance Minister also weighed amendments to income, corporation and online purchase tax, and the Green Fund.
Informed sources said that those penalties could crop up in forthcoming fiscal packages.
Imbert imposed a sweeping 100 per cent increase in firearm users’ licence, a move designed to penalise beneficiaries during the term of office of Gary Griffith as Commissioner of Police, according to critics
He increased the fine for theft of scrap iron, from $15,000 to $100,000.
The Minister hiked the prices of fuel for the sixth time in seven years.
He also increased the cost of sea bridge travel and imposed a fee on senior citizens.
