Britain Declares Hefty Taxes Cuts To Stimulate Economy| MENAFN.COM

Sunday, 25 September 2022 11:29 GMT

Britain Declares Hefty Taxes Cuts To Stimulate Economy


(MENAFN- Kuwait News Agency (KUNA)) LONDON, Sept 23 (KUNA) -- The British government announced on Friday a package of taxes' cuts designed to stimulate the economy and lure foreign investments.
Chancellor Kwasi Kwarteng, the nation top treasurer, revealed while presenting the budget report to the House of Commons that a decision had been taken to keep corporate taxes at 19 percent, thus scrapping a previous decision to lift them by 25 percent, originally due in early April.
The ceiling on allowances for staff of investment banks has been cancelled, indefinitely, thus the banks will be able to employ skilled citizens, he said, adding that the property tax will not be enforced as of today unless price of a single lot purchased for the first time exceeded USD 279,000.
Tourists and foreign visitors will be relieved of the added tax value for commodities they purchase in Britain, he announced.
The tax, VAT, used to be paid along with the payment for the bought item and retrieved upon departure from Britain.
Moreover, the chancellor said lowering costs of power and gas declared last week would cost the government up to USD 67 billion for the coming six months.
The minister did not reveal the total value of the tax cuts however experts told the BBC that it would be in the range of USD 50 billion. (end)
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