Massive revenue hole

AFTER Opposition Leader Mark Golding warned in the House of Representatives last Tuesday that the delayed implementation of the Environmental Protection Levy is depriving the Government of revenue it was counting on in this year’s fiscal plans, Opposition Senator Ramon Small-Ferguson last Friday estimated that about $1.6 billion of the projected $3.6 billion has been placed at risk.

Small-Ferguson said the figure is a straight-line estimate based on the five-month delay in implementing the levy, while acknowledging that the actual amount would depend on the volume of imports and domestic sales during the period.

The Barita Investments chief executive officer made the calculation as he questioned the Government’s handling of the revenue measure, which was announced in February and initially scheduled to take effect on May 1.