Premier Paula Cox approaches the House of Assembly on Friday. *Photo by Kageaki Smith
Premier Paula Cox approaches the House of Assembly on Friday. *Photo by Kageaki Smith

FRIDAY, FEBRUARY 24: An at a glance look at the main points of Premier Paula Cox’s Budget Statement this morning…

• Airport Customs duty on personal goods to be reduced from 35 to 25 per cent

• Residents will get a $200 exemption on Customs duty at the airport instead of $100

• Customs duty on goods at all ports of entry to be harmonized at 25 per cent

• New National Security Council to be set up to combat gangs and violence

• Seniors with homes with ARVs above $50,000 will pay Land Tax

• Seniors with A, B, C, and D class vehicles will still be exempted from licence fees

• Total revenue estimate is $909.6 million – three per cent lower than initial estimate

• Total Budget deficit $172m

• Premier expects weak economic growth to continue in 2012, but modest growth in 2013/14

• New debt ceiling $1.45billion

• New debt to GDP ratio is 24 per cent

• Sandys 360 to get a $2m grant

• No increase in bus or ferry rates

• X-ray machine for ship containers to be operational at Hamilton Docks in 2012/13

• Stamp Duty removed when switching mortgages from one bank to another

• Government will seek extra revenue by licensing international fishing vessels and aircraft using its commercial airspace

• $26 million to be invested in airport over five years

• Arriving air passengers will be able to zip through a ‘nothing to declare’ green line in the Customs Hall

• Career Pathways programme to be introduced in public schools in September to help those who wish to pursue vocational skills.