News
Fuel Break extension possible says DP Saunders
Dana Malcolm
Staff Writer
#TurksandCaicos, September 26, 2023 – As the six-month extension to the Government’s Food and Fuel tax break approaches its end, E. Jay Saunders, Finance Minister, is indicating the Government’s intent to extend it.
“A paper will have to be taken to Cabinet to have them extended, but I don’t think we’ll let them expire,” Saunders
Launched in April 2022, the tax break provided a 2.5 percent reduction in the Customs Processing Fee (CPF) and a 25 percent cut in Fuel Taxes.
It meant residents got a discount in the CPF on everything brought into the country including fuel and supermarket items. The Government had promised to monitor grocers to make sure the discount was passed on.
The one-year break was extended at the beginning of the 2023 financial year for another six months to the relief of residents who were still struggling with high food prices because of worldwide inflation and supply chain issues.
Now the Government is on track to extend it once more.