minister of Finance and Economic Affairs, Mambury Njie, has said that all print
media houses in country are now exempt from the payment of the National
Education and Technical Levy (NETT).
The Finance minister was speaking recently at the National Assembly in Banjul as he tabled the National Budget for 2019 before deputies.
“This is to ensure that royalties paid to government are exempted from taxation, as is the best practice.”
Minister Njie further informed deputies that with effect from January 2019, medical expenses and tuition fees of all embassy staff would be contributory. “Medical expenses on 80/20 basis and tuition on 70/30 basis, for government and staff respectively,” he disclosed.
To ensure full enforcement of capital gains tax, the minister said that alkalolu must not effect land transfers without prior payment of the capital gains tax by the seller. He added that moving ahead, all ministers are required to engage the Ministry of Finance and Economic Affairs when entering contract negotiations for tax exemptions and waivers.
According to the Finance minister, The Gambia has registered some positive economic gains during the period under review. “However, our fiscal position remains critically tight hence requiring the employment of innovative ways to boost domestic revenue mobilisation, coupled with prudent macroeconomic management.”
“Maintaining macroeconomic stability continues to be our objective going forward, which will require aligning our expenditures strictly with the budget and financial regulations.”