Yesterday all the shops were closed as business owners are protesting against the new GST tax the government has introduced. This was supposed to come effect last year September but was delayed until Jan 01, 2010. Now you’ll be wondering what exactly GST is….
The acronym stands for Goods and Services Tax and it’s levied on all goods and services. (A bit like VAT in England 😆 ) only it’s charged at 15%. From the explanation I’ve garnered, it replaces seven existing taxes, import sales, domestic sales tax, entertainment tax, restaurant tax and food tax, messages tax, hotel accommodation tax and professional services tax thereby simplifying and streamlining the present system of indirect taxation and reducing the cost of administration for the Government, the NRA and businesses.
Something worthy of note is that non-tax charges, direct taxes such as income tax and corporation tax, and import duty, excise duty and export duty, will continue to be charged, as previously, after the introduction of GST.
Approximately 1500 businesses have registered to date but it looks like not everyone is happy….which is why some businesses just closed shop yesterday.
Good Or Bad?
If you ask me, well who wants to pay tax? Nobody! And who wants to enjoy clean streets, improved public services, better healthcare etc …. ALL OF US! Well, the money has to come from somewhere!! It’s high time as a country we got on our own feet instead of passing the begging bowl around in Europe and America…
The borrower is ALWAYS a servant to the lender…. So I personally think, as painful as it is, things seem to be going in the right direction…