budget statement 2012.indd - Grenada Customs & Excise Division

creating much needed employment; broadening the revenue base
of the State; providing significant resources to finance the development
of the five transformational sectors; diversifying the economy,
thereby improving its resilience and strengthening Grenada’s international
competitiveness.
At the same time, we cannot run ahead and disregard the concerns
of those who elected us to look after their interests. We are aware
that the botched Sale of Passports Scheme sponsored by the former
administration brought much discredit to our Country, hurt the pride
of all Grenadians and left a stain of suspicion and cynicism regarding
the grant of any citizenship or passport to any non-Grenadian.
It is, therefore, our responsibility to continue to be sensitive on this
matter by well-considering the pros and cons and arriving at a wide
ranging consensus. While doing so, we feel compelled to register our
well-founded belief that the Individual Investor Programme contemplated
by this Government is fundamentally different in objectives,
form and substance from the Sale of Passports Scheme by the former
administration.
Support for Existing Businesses
Over the past three years, this Government has worked with the
private sector to help them survive and preserve jobs during this difficult
economic period. The following examples demonstrate Government’s
concern and support:
In 2009 and 2010, Government granted a 50% reduction in the VAT
collected by the hotels during the summer months to help them stay
afloat and preserve jobs.
Since the commencement of VAT in 2010, Government has granted a
10% rebate on VAT exclusive sales of manufacturers to help them to
be more competitive and preserve jobs.
From September 2010 to December 2011, Government removed the
Excise Tax to help the auto-dealers boost sales, improve government
revenue and preserve jobs.
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2012 Budget Statement