The organisation was among the first to applaud the measures and still maintains – despite objections from many in the business community – that the tax increases were necessary in the current economic climate.
hairman Charles Clarke said: ‘We are pleased that the proposals have come through virtually unscathed.
It was a tough budget, but this is the first time in living memory that we have had difficult economic conditions.
It is never popular dealing with such things, but it is better to deal with it sooner rather than later.
The Budget has started to create a broader tax system to meet the Island’s current and future needs.
Mr Clarke, a senior partner at accountancy firm KPMG, said, despite minor adjustments, the five main principles had been accepted: The freezing of allowances, capping interest tax relief, imp?t duty rises, increase in vehicle registration duty and a rise in stamp duty.