Budget Speech 2011 - Government of Grenada

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This NDC administration has embraced Doing Business Reform as an essential component of its support for the growth of Grenada’s Private Sector, given the strategic role the Private Sector must play in meeting the macro-economic challenges which we currently face. Encouraged by Grenada’s impressive performance in the 2011 Ease of Doing Business Index, Government will pursue the following reforms this year: 1. The pilot launch of the computerised entry processing system at the Customs and Excise Department, known as ASYCUDA World. Business men and other users of the Customs services can attest to the fact that the reform train has been rolling at the Customs for some time now and the entry clearance time had been reduced from four days to one and a half even before the launch of ASYCUDA World. ASYCUDA World will reduce entry clearance time even further. 2. The creation of a Lands and Deeds Registry. This reform is a very important business facilitator, as property transfer often lies at the centre of business transactions, including Foreign Direct Investments. V. Support for Small Business Development This year, Government will seek to enact a Small Business Act to provide a stronger legal framework for small businesses. Government has allocated $1 million for Young Entrepreneurs Fund. This Fund seeks to address the problem of unemployment by providing opportunities for the unemployed to get involved in viable production and financially rewarding economic activities. In an effort to encourage entrepreneurship among our youth and creating a smoother transition between school and business, Government will invite participants of the Junior Achievement Programme to approach the Fund for support. Under this initiative, the Fund would support the best business ideas and projects developed by the Junior Achievers. 2011 Budget Statement Page 67
VI. Support for Existing Businesses Mindful of Government’s commitment to work closely with the private sector and the representation made by various business associations and budget consultations, Government will continue to provide support to ensure job preservation and creation in several areas: Construction Mr. Speaker, it would be recalled from October 01, 2010, Government reduced the VAT by 50% on the following construction inputs: - Cement - Lumber - Steel - Roofing material I am pleased to announce that Government has agreed to extend this special rate of 7.5% for this entire year. Automotive Industry Mr. Speaker, it may be recalled that Government removed the excise tax on new commercial and private vehicles for six months commencing October 2010 to end March of this year. Today, I am pleased to announce that this measure will be extended for a further six months to September of this year. During the period, the impact of the measure which has already been positive for both the industry and Government will be further assessed. Government believes that the current arrangement provides an opportunity to reduce the overall tax rate on new vehicles while at same time reducing tax concessions granted on many vehicles. Such an approach would streamline the system for all concerned. Page 68 2011 Budget Statement
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GOVERNMENT OF GRENADA 2011 Budget S
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5.8 Strengthening Economic Manageme
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Page 4 2011 Budget Statement
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At home, many of us lost loved ones
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not accompanied by significant job
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Mr. Speaker, the data show that the
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3.0 LOCAL DEVELOPMENTS 3.1 Performa
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In an effort to provide additional
Page 17 and 18: It is useful to understand how Gove
Page 19 and 20: Based on the revised GDP, Grenada
Page 21 and 22: This year, our VAT Unit will intens
Page 23 and 24: Improving the Business Climate •
Page 25 and 26: o o 6 acres of avocados 10.6 acres
Page 27 and 28: • Provided every primary and seco
Page 29 and 30: Violence Act - landmark legislation
Page 31 and 32: We pointed out that there are sever
Page 33 and 34: We commenced the process of tax ref
Page 35 and 36: In preparing this strategy we have
Page 37 and 38: will depend on two additional criti
Page 39 and 40: The individual freedoms we enjoy in
Page 41 and 42: Public Debt - $188.3 million (or 24
Page 43 and 44: 4. Improved marketability of fish p
Page 45 and 46: Support for Airlift It should be no
Page 47 and 48: in securing vacations and is workin
Page 49 and 50: We are working closely with the Off
Page 51 and 52: to explore the technical and commer
Page 53 and 54: the three (3) sites, thus negating
Page 55 and 56: In a real sense, C@ribNET is a cata
Page 57 and 58: And Grenada is not alone. Having re
Page 59 and 60: Project Grenville Market Developmen
Page 61 and 62: The report showed that of the perso
Page 63 and 64: To our dismay, the design works wer
Page 65 and 66: Its development goal is to contribu
Page 67: Programme. This initiative will tar
Page 71 and 72: and we will continue to offer that.
Page 73 and 74: persons whose employment was involu
Page 75 and 76: This year, Government will continue
Page 77 and 78: 9. Creating training and educationa
Page 79 and 80: The Grenada Home Improvement Scheme
Page 81 and 82: 4. To commence work on the Top Hill
Page 83 and 84: The Sustainable Development Council
Page 85 and 86: The updated Public Service Rules an
Page 87 and 88: These achievements included: • Su
Page 89 and 90: all sectors of our society. NaDMA w
Page 91 and 92: The Organisation of Eastern Caribbe
Page 93 and 94: Mr. Speaker, we have articulated a
Page 95 and 96: Page 94 2011 Budget Statement
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Budget Speech 2011 - Government of Grenada

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