The Government of Anguilla will be extending the Interim Stabilization Levy (ISL).
Chief Minister Victor Banks said it was necessary for government to continue strengthening its revenue collection as a result of the banking situation.
“Today we are more concerned about ensuring that there is full protection of customer deposits. Therefore, we have to make sacrifices and increase our revenue to cover these costs”. The Chief Minister s said. He was at the time speaking in an interview on Radio Anguilla’s programme- Talk Anguilla with host Keithstone Greaves on Wednesday.
Mr. Banks said while he was of the view that the ISL could be replaced by increased economic activity and better tax collection, those are not measurable at this time.
He continued: “Usually when you making a case for an increase revenue budget, you want to ensure that you can present a case that people will not question. It will be difficult to sell it to the Secretary of State who has to approve the budget. Even this year we should have a small surplus over the original budget which represents that there has been some growth in the economy. I know there will be more growth next year with more projects to come on stream. However, in the interest of ensuring that we have a budget next year, and meeting the required measures to stabilize the economy, this is a political sacrifice that we are prepared to make in the interest of the people”.
