The government hopes to reduce tax and duty exemptions by one third to raise $40 million dollars towards the 2008 Budget.This was revealed this morning by the Finance Minister, Snyder Rini when tabling the 2008 Budget in its second reading.
"Our most important measure to gain revenue in 2008 will be to stamp down on tax and duty exemptions."
He said under the previous administration these exemptions rose to nearly $120 million a year.
While some of these exemptions are legitimate, justified and necessary such as exemptions for diplomats, development assistance or for productive machinery or hospital supplies, many others are not.
"We believe that reducing these by one third will raise $40 million or so," Finance Minister Rini stated.