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Taxes and Fees - 2013/2014 Fiscal Year

Taxes and Fees - 2013/2014 Fiscal Year

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Published by Sharon Turner
Extract from the 2013/2014 Budget Communication of Prime Minister & Minister of Finance Perry Christie.
Extract from the 2013/2014 Budget Communication of Prime Minister & Minister of Finance Perry Christie.

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Published by: Sharon Turner on Jul 01, 2013
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07/14/2013

 
Annex CREVENUE MEASURESFiscal Year 2013/2014
ItemNo.Description Existing Rate Proposed RateEffectiveDate1
Bring into force the newCustoms Management Act andRegulations.
Jul 1, 20132
Bring into force the New Tariff Act.
Jul 1, 20133
Eliminate the $10.00 stamp taxlevied on Customs entries andintroduce a 1% Customs processing fee. Introduce a processing fee for manifest andother declarations for inboundand outbound aircrafts andvessels. No processing fee. 1% of the value of entriessubmitted to Customs subject toa minimum of $10.00 andcapped to a maximum of $500.00.
Jul 1, 20134
Customs Duty on vehicles to be based on value rather thanengine size.Vehicles with engine size2000 cc and under, a rate of 65%;Vehicles with engine sizegreater than 2000cc butsmaller than 2500cc, a rateof 75%; andVehicles with engine sizegreater than 2500 cc, a rateof 85%.Duty based on value of vehicle:Under $10,000:65%;Over $10,000 but less than$40,000:75%; andOver $40,000:85%
Jul 1, 20135
Reduction of duty on electricmotor cycles.75% 65%
Jul 1, 20136
Reduce the duty on inverters for solar panels.45% Free
Jul 1, 20137
Reduce the duty on solar  panels.10% Free
Jul 1, 20138
Reduce the duty on solar  powered air conditions.10% Free
Jul 1, 20139
Reduce the duty on shakes(shingles).45% 7%
Jul 1, 201310
Reduce the duty on bed pads. 40% Free
Jul 1, 201311
Reduce the duty on urinary bags.45% Free
Jul 1, 2013
 
Annex CREVENUE MEASURESFiscal Year 2013/2014
ItemNo.Description Existing Rate Proposed RateEffectiveDate12
Reduction of duty on incubatorsand isolators (Tariff Heading9403.5010).35% Free
Jul 1, 201313
Reduction of duty onDefibrillators.35% Free
Jul 1, 201314
Creation of a new Tariff Heading for the LED LightFixture in Chapter 94.35% Free
Jul 1, 201315
Introduce an EnvironmentalLevy on specific Items. No levy charged . Various fees depending on theItem.
Jul 1, 201316
Increase in Customs StorageFees for cars.$30 per week $50 per week 
Jul 1, 201317
Introduce a Customs LicenceFee to be collected from privatestorage facilities.Customs to collect 25% of thestorage fees collected by theshipping agents.
Jul 1, 201318
Eliminate bonding tax. 10% Bonding Tax collectedevery 90 days. No Bonding Tax collected.
Jul 1, 201319
Adjustment in Customs andImmigration Service Charges.Charges are currently for afterhours (5pm) services provided to airlines andships, per officer deployedand based on the rank of each officer.A unified rate structure, to be based only on the number of officers deployed. Cargo shipsand cargo aircrafts to beassessed the charges at all hoursof deployment. Passenger aircrafts and ships continue to beassessed charges after 5pm only.
Jul 1, 201320
Switch duty rate from advalorem to specific for cigarettes and cigarillos.220% of value $0.15 per stick 
Jul 1, 201321
Adjust the excise rate applied tocigars.220% $0.50 plus 220%
Jul 1, 201322
Increase the duty on electroniccigarettes.Free 45%
Jul 1, 201323
Introduction of an ExciseStamp Control Act. No stamp required uponimportation of Tobacco products.Stamp required uponimportation of Tobacco products.
Sep 1, 201324
Increase the Excise Duty onManufactured Spirits.$6.00 per gallon $8.00 per gallon
Jul 1, 2013
 
Annex CREVENUE MEASURESFiscal Year 2013/2014
ItemNo.Description Existing Rate Proposed RateEffectiveDate25
Increase the stamp duty onImported spirits.$11.00 per gallon $15.00 per gallon
Jul 1, 201326
Removal of Excise Duty leviedon fuel imported for power generation.10% Free
Jul 1, 201327
Amend the Real Property TaxAct so that the
 
mortgagee of commercial properties isresponsible for the payment of outstanding real property taxesoutstanding over 90 days.
Jul 1, 201328
Increase Building Permit Feesand introduce new fees.Various rates Various rates
Jul 1, 201329
Increase in Police Departmentfees including gun licences.Various rate Various rates
Jul 1, 201330
Increase international banks andtrust companies fees.Various rates Various rates, in two incrementsover two years.
Jul 1, 201331
Introduce a new schedule for Business Licence Fees andeliminate all special categoriesof rates, except for financialinstitutions and stand-aloneretail gas stations.Various rates Turnover over $500,000 -$5M:0.75%Turnover of $5m - $50M:1.25%Turnover of $50M -$100M:1.5%Turnover greater than$100M:1.75%
Jul 1, 201332
Domestic Financial Institutions(institutions that deal with B$accounts) excluding creditunions and insurancecompanies Business LicenceFees to be based on GrossRevenue. No business licence feeassessed for commercial banks.Business Licence Fee is 3% ongross revenue.
Jul 1, 201333
Remove the exemption of the payment of Business LicenceFees for GovernmentCorporations.Government entitiesexempted from the paymentof Business Licence Fees.Government entities required to pay Business Licence Fees.
Jul 1, 2013

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