The government has confirmed that its windfall profits tax will be expanded to apply to all companies earning more than EC$1 million in annual profits, with the revenue earmarked to help finance free tertiary education.

Director General of Communications Maurice Merchant confirmed the decision during Thursday’s post-Cabinet media briefing after being asked whether the tax would be broadened beyond its original scope.

Merchant said the policy had already been approved and would apply to companies across Antigua and Barbuda that generate more than EC$1 million in profits.

“All companies within Antigua and Barbuda who make a million plus dollars, they would be required to pay that tax—on profits, that is,” Merchant said.

He explained that the expanded tax is intended to provide a sustainable source of funding for the government’s free tertiary education programme, including tuition assistance for students attending the University of the West Indies Five Islands Campus.

Merchant said the measure will take effect after the necessary legislative amendments are approved by Parliament.

The confirmation follows earlier statements by Prime Minister Gaston Browne that the government intended to broaden the windfall tax to ensure long-term financing for free tertiary education. During the briefing, Merchant made it clear that the decision has now been finalized by Cabinet, with only the legislative process remaining before implementation.

This article was originally published by Antigua News Room. Read the original article here: More Companies to Pay Windfall Tax Under New Government Policy.