Broadened Profit Tax Set to Fund Educational Initiatives 

The Government has confirmed it will move forward with plans to expand its windfall tax as it seeks additional funding to support the removal of tuition from several tertiary institutions. Last week, the announcement was made as a recommendation to help finance growing investments in higher education.

The proposed changes would extend the existing 10% windfall tax beyond the banking, insurance, telecommunications and energy sectors to all companies earning at least EC$1 million in annual profits.

The measure still requires parliamentary approval before it can take effect.

More in the ABS Evening News.