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Further tax reduction on diesel announced

Nov 01, 2009 News

Minister of Finance, Dr. Ashni Singh, has announced a further reduction in the tax rate on diesel following a previous reduction he had announced in mid-June.
According to Minister Singh, with effect from today, the tax rate on diesel would be slashed to 20 percent. At the start of this year, diesel was being taxed at 40 percent, until June when the rate was reduced to 30 percent.
Minister Singh explained that this decision was taken in light of the upward movement in the imported cost of refined fuel products observed in recent months. In the case of diesel, acquisition cost has climbed to US$90.72 per barrel, up from US$76.44 per barrel in mid-June.
The reduction of the tax rate on diesel is intended to help counter the increase in the world market price, cushion the impact on the cost of production of goods and services in the agricultural, fishing, manufacturing, commercial, and the services sectors, and ultimately minimise the impact of adverse external developments on domestic consumers.
Minister Singh also pointed out that during last year, several successive reductions in the excise tax rates on fuel were implemented by Government at a total cost of $4.2 billion, to ensure that consumers were protected from volatile world market prices.

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