FISCAL POLICIES * Is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy. It is the sister strategy to monetary policy through which a central bank influences a nation's money supply.

EXAMPLES FROM THE BUDGET * Page 35 where it was recommended that the certain sections in the corporation tax act be revisited to address certain tax leakages.(transfer or sale of assets by between branches and parent companies. The computation of the wear and tear value off assets by means of the national written down value or the fair market value, whichever is less.) * Page 36 outlines the incentive which allows companies to claim 20% of the expenditure on development activities for mature fields and enhanced oil recovery projects as a credit against their supplemental petroleum tax liability. This credit is available only in the current year that the finances is incurred, but to ensure continuity it is proposed that the tax credit be allowed to carry over for one year alone. * Page 19, VAT refunds-as the delay in processing VAT refunds has been impeding the growth of exports and private sector developments, and this could lead to an increase in the cost of production. It is proposed that $1.0 billion be allocated for all VAT refunds to ensure that all refunds are made, at maximum, within the legal timeframe. * Page 19, as it relates to Land and Building tax it is proposed that these taxes be phased in over the period 2014 – 2017. Valuations of all industrial lands including plant and machinery, whether housed or unhoused with a view to implement this tax by July 1 2014. Also, we will impose a tax on commercial properties and a tax on agriculture lands and on residential properties with a deductible allowance to provide relief to certain agricultural land owners and low-income home owners. *