Roseau, Dominica – Wednesday, July 30, 2014 – The parliament of Dominica has approved the Estimates of Expenditure for the fiscal year ending June 30, 2015. Prime Minister and Minister for Finance the Honourable Roosevelt Skerrit presented the 2014/2015 National Budget titled “Towards Expansion of the Economy” on Wednesday, July 23, 2014 when the first day of the First Meeting of the Fifth Session of the Eighth Parliament under the Commonwealth of Dominica Constitution.
The parliament approved the motion moved by the Prime Minister for the Estimates of Expenditure for the financial year ending June 30, 2015 amounting to four hundred and eighty-nine million, nine hundred and seventy-five thousand, four hundred and eighty dollars ($489,975,480.00). An additional amount of sixty-two million, four hundred and nine thousand, eight hundred and seventy-six dollars ($62,409,876.00) is provided by law.
Prime Minister Skerrit announced several incentives in the National Budget Address aimed at improving the lives of all Dominicans. These include; measures aimed at improving the efficiency of clearing courier packages; reduction of import duties on baby wipes and adult disposable diapers; reduction in import duties on computers; relief to pensioners and people of pensionable age who do not have a pension; rebate on corporate tax for businesses taking on new employees; reduction in Corporate Income Tax (CIT) Rate by 5%; increase in mortgage interest allowance and; increase in non-taxable Income allowance.
Several capital projects are to begin this financial year including; the Roseau Enhancement Project; the Portsmouth Enhancement Project; the new state of the art hospital and; the Roseau River Promenade.