Detail explanation of the budget given by AG
July 3, 2018 3:12 am
Parliamentary members were today given details of the 2018/2019 National Budget.
Attorney General and Economy Minister Aiyaz Sayed-Khaiyum while explaining the ministerial allocations says it is vital for MP’s to fully understand the budget implementation.
Revenue collection topped the discussions during the briefing as Sayed-Khaiyum verified various forms of taxation.
“FRCA have this provision that if you have a restaurant and you served alcohol you have to pay STT and ECAL and that’s all gone now, as long as you have 1.5 million dollars or less you will not pay STT or ECAL”
New initiatives and policies were also explained thoroughly by Sayed-Khaiyum who elaborated on its benefits to some of the businesses.
Opposition member, Anare Vadei says the budget briefing gave them an opportunity to clarify their doubts.
“It’s becoming clear now what is being announced in the budget during the budget session because most of us weren’t clear of what’s going to come up, what is going to be promised and what is the revenue source and what is the debt level of years to come.”
Allocation of funds to various government Ministries were also explained together with how it will be utilised.