Finance and Public Service Minister, Dr. Nigel Clarke, announces JA $14 billion in tax cuts which will take effect on April 1, 2019.
- Some taxes like the $60,000 to be abolished.
- $3 million GCT threshold in creased to $10 million.
- flat fee of $5,000 per transaction is to replace stamp duty and transfer tax.
- No Additional Tax
- Stamp duty and transfer tax which are imposed on a wide variety of transactions, is to be replaced by a $5,000 flat fee.
- Ad valorem stamp duty on property is to be replaced with a $5,000 fee.
- Transfer tax on property is to be reduced from five per cent to two per cent.
- Estate transfer tax: the exemption threshold of $100,000 is to be moved to $10 million.