The Grenada government has announced an extension of its jobs stimulus programme for an additional six months. The programme is aimed at supporting job creation and boosting business activity across various sectors by providing significant relief from duties and taxes.
A statement from the office of the prime minister said that the extension of programme was approved by Cabinet for July 1 to December 31 2024 period.
“The extended programme will offer significant relief from the payment of duties and taxes aimed at creating jobs and stimulating business activity across various economic sectors,” the statement confirmed.
Under the programme, projects in non-priority sectors will receive a 50 per cent exemption from the Common External Tariff (CET) and Value Added Tax (VAT) on essential items for construction and expansion.
This includes building materials like cement, steel, lumber, equipment, and machinery.
The programme 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.
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