The St Vincent and the Grenadines 2026 Budget of Revenue and Expenditure amount to $1.9 billion and does not introduce new taxes.
However, while the Budget does not introduce specific “new taxes” it outlines measures to enhance revenue through administrative efficiency and policy adjustments.
The government plans to reduce total import concessions by 20 percent, which is expected to generate an additional $30.4 million in revenue without abolishing concessions entirely.
A nationwide property registration and revaluation exercise will be launched to update the valuation list (unchanged since 2013) and broaden the tax base.
Prime Minister Godwin Friday explicitly stated this would be done “without increasing rates”.
The government is currently assessing options to reduce the Value Added Tax (VAT), including a potential reduction in the general rate and the removal of VAT from essential goods (such as fresh food and medicine) and domestic electricity, with a target implementation date of October 2026.
As a new revenue stream, the PM stated that government intends to launch a Citizenship by Investment Programme by the middle of 2026 to mobilise capital without increasing debt.