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Three town hall meetings on 2012 Budget to be held

Government is organising a series of town hall meetings to be held across the Island to discuss the upcoming Budget.Three meetings are scheduled, with the first to take place at Dalton E Tucker Primary School on Wednesday, the second at the Leopard’s Club in Hamilton on January 25, and the final one at Francis Patton School on February 1.Each of the meetings will be attended by Premier Paula Cox and several other Cabinet members and all will begin at 7.30pm.The meetings come after Finance Minister Ms Cox released a Pre-Budget report, which outlined several policy options currently under consideration by Government as it faces a revenue shortfall.The Premier said in the report that revenues are expected to be $10 to $20 million less than projected, while spending is expected to be $43 million higher than expected.Changes considered in the report include “harmonising” duty for personal imports, likely by increasing duty rates on personal items shipped by air or freight.Payroll tax relief for hotels and restaurants is also said to be under consideration. While the concessions were intended to help the ailing sectors survive the weak economy, Premier Cox said they have cost around $20.4 million.Government also said it hopes to modify vehicle licence exceptions for seniors, which has reportedly been abused, costing Government $17 million in lost revenue.Since the exemption was put in place in 2007, the number of vehicles licenced to seniors has risen by 26 percent with a 358 percent increase in the largest category of car.Other possible changes include creating tax incentives to encourage the use of fuel-efficient vehicles, reconsidering land tax exemptions for seniors and reducing betting tax rates.