UPP promises buoyant economy, unincorporated business tax repeal

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The Untied Progressive Party (UPP) plans to create a buoyant economy starting with the repeal of the Unincorporated Business Tax (UBT).
This is according to Senator Damani Tabor, public relations officer (PRO) for the UPP.
 “We’re also going to create a more buoyant economy… we’re going to repeal the UBT.”
Tabor also said that the UPP has no plans of reinstating the Personal Income Tax (PIT).
When asked where the money would come from once the UBT is repealed, the senator said that the UPP will make up for the short- fall financially by “growing the economy.”
He said that the UPP can collect more revenues via Antigua Barbuda Sales Tax (ABST), but doing so would require “economic buoyancy.”
Tabor stated that the mistake the Antigua Barbuda Labour Party (ABLP) administration made was that they engaged in “mass firings” when they got into office.
He added: “They did not incentivise economic growth by giving us low fuel and electricity prices” when oil was under $50.
The senator explained that, “if businesses have greater expenses with high fuel and electricity, and if there are less people spending money because of the mass firing, and if now you’re killing them with the UBT, it’s a downward spiral.”
He said that the UPP administration will attract high value manufacturers in the areas of information technology and marine-agriculture as well as reverse these mistakes by the ABLP administration to create a stronger private sector, thus creating economic buoyancy.
The UPP also plans on backing loans for young entrepreneurs to pursue their ideas once banking institutions deem them worthy, according to Tabor.
 “So even if you don’t have land to back the loan, the government will ensure that you will get to pursue your idea once you go through the requisite training.”
He said, “We’re bringing something on stream called the (YES) Programme, the Young Entrepreneur Setup Programme, whereby, once you have a bankable and intelligent idea, we’re going to give you all the training, how to structure the business plan, how to approach the banks, and once you find a bank that says that’s a good idea, the government will actually guarantee your loan.”

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