Just last week Friday the Minister of Finance Hiro Shigemoto said the council of ministers had approved the balanced 2011 budget. Shigemoto said his Ministry was forced to make several cuts and increasing the TOT from 3% to 5% to balance the budget as required by the CFT. Government he said had until December 15th to submit the 2011 budget for approval. The Minister said the budget was sent to the council of advice for their approval.
The increases are to go into effect as of January if passed by the parliament of St. Maarten.
