Finance Minister Dr. Nigel Clarke says as the country continues to pay down its debt, the government must be very strategic in the taxes that it chooses to reduce and abolish.

Dr. Clarke’s statement comes after his announcement yesterday that government will forgo some $14 b in taxes, as part of measures to stimulate business and economic activity.

The new tax measures, which take effect on April 1, include the abolition of the minimum business tax payable by registered companies, an increase in the GCT threshold from 3 to 10 million, and a reduction of the transfer tax on properties.

Responding to a question at his post budget presentation press conference this morning (Mar 8) as to why the tax cuts were not more wide ranging, Dr. Clarke noted that the government is still paying down its debt and has to remain strategic.

He reiterated that the stimulus package outlined in the budget will benefit every citizen.