Grenada to extend job stimulus program
Key Points(5)
- The Grenada government has announced a six-month extension of its job stimulus program, aimed at fostering job creation and enhancing business activity across various sectors.
- The extension, approved by Cabinet, will be in effect from July 1 to December 31, 2024.
- According to a statement from the Prime Minister's office, the program will continue to provide substantial relief from duties and taxes to support economic growth.
- Specifically, projects in non-priority sectors will benefit from a 50% exemption on the Common External Tariff (CET) and Value Added Tax (VAT) for essential construction and expansion items.
- This includes key building materials such as cement, steel, lumber, equipment, and machinery.
The Grenada government has announced a six-month extension of its job stimulus program, aimed at fostering job creation and enhancing business activity across various sectors. The extension, approved by Cabinet, will be in effect from July 1 to December 31, 2024.
According to a statement from the Prime Minister's office, the program will continue to provide substantial relief from duties and taxes to support economic growth. Specifically, projects in non-priority sectors will benefit from a 50% exemption on the Common External Tariff (CET) and Value Added Tax (VAT) for essential construction and expansion items.
This includes key building materials such as cement, steel, lumber, equipment, and machinery.
The program also extends support for Micro, Small, and Medium Enterprises (MSME) with those in priority sectors such as tourism, manufacturing, and agribusiness which will benefit from similar tax exemptions on equipment imports.
MSMEs in non-priority sectors can also access these exemptions to start or upgrade their businesses.
Additionally, there will be a 50 per cent exemption for building materials and equipment used to improve student accommodation facilities.
The statement said that the measures demonstrate a commitment to driving economic growth and creating jobs, especially following the challenges posed by Hurricane Beryl when it hit the island in July this year.
