2024 Budget passed in Senate

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2024 Budget passed in Senate

The 2023-2024 Budget was passed in the Senate on Tuesday.

Winding up debates on the Budget, Finance Minister Colm Imbert said the Opposition was now hurting from the fact the Government had introduced no new taxes in the budget, such as a fabled “millionaire tax.”.

Imbert claimed there was no scope to increase the personal allowance again, as he noted a previous 50 per cent rise in this tax-break from an initial $5,000 per month to a current $7,500 figure, which he said put an extra $900 per month in the pockets of a typical security guard. “That’s not chick feed.”

He suggested a way ahead. “We have to grow the economy. We have to diversify. We have to innovate. We have to get new revenue streams.

“But not from the population. We have decided we are not going to impose any further taxation burden on the population.”

Pointing towards the Opposition, he said: “They were looking for all kind of millionaire tax and inheritance tax and this tax and that tax and when they heard me say in the budget we are not imposing any more tax they want to dead.

“Then when we come with $1,000 a year book grant and an increase in the minimum wage, now all of them want to commit suicide.”