• Shifting Tax Base:

    • Concerning Economic Development, one of our major intentions is to shift the tax base from that of a consumer-based approach toward ensuring that the business community (Corporate citizens) pays its fair share of taxes. This inevitably shall result in an easing of the tax-burden which labourers currently experience.

  • Tax On Our Oil:

    • The BPP will place the Petroleum Industry back under the Business Tax regime that ALL other businesses are subjected to, and set the rate for the Petroleum industry at 40%.

  • The Petroleum Industry’s Windfall Tax passed into law since 2008 will be amended to set the Threshold at US$50.00 (currently at US$90) per barrel. The Business Tax rate will be increased to 50% up to US$90 per barrel, where the rate will be increased to 60% for sale of petroleum over US$90 per barrel.

  • Restructuring Tax Laws:

    • The BPP will restructure the Income/Business Tax laws to allow for newly formed cooperatives, and productive sector businesses, to be given a three years exemption period from paying of Business Taxes (filing of income tax returns will still be required during this period) to allow them time to become viable before being subjected to the Business Tax.  Net Losses from the Income Tax returns over the first three years will be allowed to be applied to the Business Tax payable over the subsequent two years.  This will effectively give productive sector businesses, that are exposed to greater risks than the merchants, a five years period to become viable and profitable before being subjected to the regular Business Tax laws.

  • Tax Collection:

    • Our approach to Tax collection shall have a direct impact on the element of Poverty Eradication, in that we understand the direct correlation between what is referred to as “white collar crime” and “street violence”. With the business sector paying its fair share of taxes, this shall provide increased revenues, with which the government can create safety-nets for our youths that fall through the cracks.  This will be accomplished by instituting viable and measurable programmes for those in economically depressed situations, to increase entrepreneurial activity and the subsequent prospects for the generation of income, thus increasing economic activity and investment in local communities.