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Improving Access to HIV Services for Mobile and Migrant ...

Improving Access to HIV Services for Mobile and Migrant ...

Table 4: Revenue,

Table 4: Revenue, Alcoholic Beverages Industry and Estimated additional Tax Revenues 2007 Alcoholic Beverages USDm Estimated Market Size 9.47 Innovative Financial Instrument Taxation Rate 0.05% 0.10% 0.50% Market Revenue 2011 USDm $9.47 $9.47 $9.47 Additional Revenue Raised USDm 0.0047 0.0095 0.0474 10. Property Tax. The Property tax is currently charged at 0.2% of the properties current construction replacement costs, in respect to residential properties, although this is only charged in Antigua. There is no property tax in Barbuda. Tax revenues for government, including income tax, corporation tax, VAT import and excise duties declined in 2009 by 20% as a consequence of the economic contraction. The government responded by widening of the VAT base, increases in excise duty for alcohol and tobacco imports. Whilst there was no increases to the tax base in relation to property and land taxes there have been a number of fiscal restructuring measures implemented in conjunction with the IMF in principle to support the overall reduction on government revenues. a. No data has been sourced in relation to the revenues generated from property tax and therefore it is not possible to estimate potential revenues from the introduction of additional taxes. 11. Remittance Tax. The economic slowdown has significantly reduced the level of remittances into Antigua & Barbuda and has led to a decline in economic activity. In 2009 there was total of USD17m in inward remittances in terms of worker remittances and migrant’s transfers with USD2m as outward remittances. a. Based on taxation rates of 0.05%, 0.1% or 0.5% and additional USD70k could be raised through additional taxations. b. However, Under the Fiscal Incentive Act Tax holidays apply for foreign based companies which invest in Antigua & Barbuda. The includes the right to repatriate all capital royalties, dividends and profits free of all taxes or any other charges on foreign exchange transactions. 32

c. The imposition of remittances taxes would no doubt be problematic as transactions would have to be classified as either being covered by the Fiscal Incentive Act or outside of the act. Table 5: Revenue, Remittance Inflows and Outflows2007-2009 and Estimated additional Tax Revenues Remittance Inflows 2007 USDm 2008 USDm 2009 USDm Estimated Market Size 16.00 17.00 15.00 Innovative Financial Instrument Taxation Rate 0.05% 0.10% 0.50% Market Revenue 2011 USDm $15.00 $15.00 $15.00 Additional Revenue Raised USDm 0.007 0.015 0.08 2007 2008 2009 Remittance Outflows USDm USDm USDm Estimated Market Size 2.00 2.00 2.00 Innovative Financial Instrument Taxation Rate 0.05% 0.10% 0.50% Market Revenue 2011 USDm $13 $13 $13 Additional Revenue Raised USDm 0.0065 0.0130 0.07 12. Tourist Travel Insurance. Whilst there is no data available for tourist travel insurance the market is regulated by the Financial Services Regulatory Authority (FSRC). In order to introduce innovative financial mechanisms in the insurance industry, cognizance of the relevant legislation will be required: 13. Telephone Tax. There are three telecoms providers in Antigua & Barbuda and which consist of the state owned utilities company APUA, Cable & Wireless and Digicel. Of note, that although Antigua & Barbuda are members of the OECS they are not members of the Eastern Caribbean Telecommunications Authority (ECTEL). ECTEL has as part of its mandate to ensure that there is liberalization of telecommunications markets, harmonized policies, universal service, an objective regulatory regime and fair pricing. Whilst ultimately the government will have the 33

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