The $8.5-billion budget presented today seeing personal income taxes rise to 2006 levels which is a measure expected to generate $136 million in revenue for 2013-14.
The corporate income tax rate will be increased to 12 per cent from 10 per cent on July 1, resulting in an estimated boost of $17 million in additional annual revenue.
Smokers will also pay higher taxes on tobacco as of midnight tonight---up two cents per cigarette.
Finance Minister Blaine Higgs says the government will continue efforts to reduce the size of the public service through attrition and attempt to cut their use of sick leave by 20 per cent.
Higgs says the government can return to balanced budgets by 2015-16 if there is improved economic growth and revenues.
