Government Removes GCT on Agricultural Inputs
MIIC Author
Cabinet has decided to remove the General Consumption Tax (GCT) on a long list of agricultural inputs.
This announcement was made by Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Karl Samuda, during the sitting of the House of Representatives on November 8.
Some of the agricultural inputs include semi-trailers, chain wire fencing; cooling and storage tanks, multipurpose fish-feeding machines, artificial insemination equipment, laboratory equipment, and medicaments and supplements.
Mr. Samuda said the amendments seek to ensure that farmers have access to modern equipment and inputs.
“The current list of zero-rated items for the sector is too limited. Our vision for agriculture is bigger and we must empower our farmers to enter the modern era,” Mr. Samuda said.
The Minister said Cabinet also considered measures related to manufacturing and agreed to remove the rate of Special Consumption Tax now payable on alcohol used in the manufacturing process.
“This is consistent with our pro-growth strategy as we attempt to attract investment in the two most economic areas of our country – the manufacturing and the agricultural sectors,” Mr. Samuda said.
The revenue to be given up is estimated at $4.2 billion per annum.
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