Grenada reintroduces Petrol Tax Charge


The Grenada authorities has reinstated the Petrol Tax Charge that had been suspended in September final yr leading to an extra EC$3.50 (One EC greenback=US$0.37 cents) being added to each gallon of petrol offered as of Wednesday.

“There shall be charged and paid by an importer of petrol to the Comptroller of Customs a tax of three {dollars} and fifty cents on every gallon of petrol imported into the State for native consumption,” based on the Statutory Guidelines and Orders discover, printed in a rare concern of the Authorities Gazette.

Signed by Prime Minister Dickon Mitchell, who can be the minister for finance, the Order offers him the authority to regulate the petrol tax charge with out searching for Parliament’s approval. Below the petrol tax laws, solely the importers are required to pay petrol tax. The retailers purchase on the wholesale worth inclusive of petrol tax, add their margin and promote to consumers.

– Commercial –

Petrol tax income is the third largest earnings for the federal government. In response to the 2023 estimates of income and expenditure, the federal government has projected it’s going to earn greater than EC$45 million in petrol tax for the yr 2023.

The rise in petrol tax is certainly one of a number of tax or levy measures that will probably be enforced throughout the first quarter of 2023.

Efficient February 1, 2023, there will probably be a rise within the excise tax on alcohol from EC$1.10 and EC$4.40 per liter to EC$1.50 and EC$5.00 per liter respectively, and the excise tax on cigarettes from 105 to 200 %.

The authorities may also from February 1, implement the rise within the worth added tax (VAT) on carbonated drinks, gentle drinks/sodas, and drinks with excessive sugar content material from 15 to twenty %; reinstating the environmental levy charge on electrical energy consumption and on water use.

Authorities workplaces may also be adapting to a “no-printing of greater than 5 pages coverage” throughout the general public service on February 1.

CMC/

 



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