Grenada MOF Presents 2023 Budget Speech

The Grenadian Ministry of Finance Dec. 5 presented the 2023 budget speech. The speech describes measures to: 1) increase the VAT rate to 20 percent from 15 percent on carbonated and soft drinks, and drinks with added sugar, effective Feb. 1, 2023; 2) remove sugar from the zero-rated VAT list, effective Feb. 1, 2023; 3) exempt specified food and personal care items from VAT, effective February 2023; 4) reduce VAT to 15 percent from 20 percent on mobile and broadband data, effective Feb. 1, 2023; 5) reduce VAT to 7.5 percent from 15 percent for all electricity consumption, and reinstate ...