30 March 2022
At the Formal Legislative Council Meeting on Tuesday, 29 March 2022, Minister for the Treasury, Infrastructure & Sustainable Development Portfolio, Mark Brooks, announced changes to the customs duty tariff that will be effective from 29 March 2022.
The import duty on alcohol will increase by inflation in line with the current policy of 1.7%. As a result, the duty on a bottle of 750ml of spirit will increase by 24p, a 750ml bottle of wine will increase by 9p and the duty on a 330ml bottle of Castle Lite will increase by 1p. Tobacco and Tobacco products will increase by 3.7% which is inflation of 1.7% plus an additional 2.0%. This means that the duty on a packet of 20 cigarettes will increase by 18p. No other customs duty changes were announced.
Minister Brooks also advised Legislative Council that the tax incentives for businesses announced in 2019 in support of the Investment Policy will continue for the next financial year 2022/2023 and fuel used for electricity generation by Connect Saint Helena Ltd, fuel for use in commercial fishing and in the running of the fish processing plant will remain exempt from fuel duty for the next financial year as well.
Minister Brooks also confirmed that there were no proposed changes to the income tax rates for next financial year, that the personal allowance will remain at £7,000 and the first £18,000 of taxable income will be taxed at 26% and 21% for the self-employed supporting the Sustainable Economic Development Plan (SEDP) and for income over £25,000 this will be taxed at 31% or 26% for the self-employed supporting the SEDP. Corporation Tax rates will remain at 25% or 15% for those businesses who are supporting the delivery of the SEDP.
The full details of the changes are found in the Legal Notice on the Gazette page of the St Helena Government website at: https://www.sainthelena.gov.sh/news/government-gazettes/.
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SHG
30 March 2022