Grenada expands job stimulus initiative

The government of Grenada has announced a six-month extension of its job stimulus program, aimed at promoting employment opportunities and revitalizing business activity across multiple sectors. This extension, approved by the Cabinet, will be effective from July 1 to December 31, 2024.

According to a statement released by the Prime Minister’s office, the program will continue to offer significant duty and tax relief to support economic expansion. Specifically, projects in non-priority sectors will receive a 50 percent reduction on the Common External Tariff (CET) and Value Added Tax (VAT) for essential construction and development materials. These materials include building essentials such as cement, steel, lumber, machinery, and equipment.

The initiative also extends support to Micro, Small, and Medium Enterprises (MSMEs). Businesses within priority sectors like tourism, manufacturing, and agribusiness will be eligible for similar tax exemptions on equipment imports. MSMEs operating in non-priority sectors can also take advantage of these exemptions to launch or enhance their business operations.

Additionally, the program will offer a 50 percent exemption on building materials and equipment aimed at improving student accommodation facilities.

The statement emphasized that these measures underscore the government’s commitment to stimulating economic growth and generating employment opportunities, especially in light of the challenges faced after Hurricane Beryl’s impact on the island-nation in July of this year. -(CMC)