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"And of course the finance industry is exempt from this tax." I'm not sure how you come to that conclusion? It is a Goods and Services Tax - the key word being "Services" which would mean any services invoiced by financial service companies would be subject to GST. Yes, FS companies are then able to deduct GST paid on any inputs so just act as a collection agent for the balance that's left over. Anyway, in my personal opinion, GST is not right for this island. It is a cumbersome system to administer, not just for businesses but also for government and to be 'fair' needs to have a number of carve outs (e.g. food, school books, clothes etc.) to protect the less well off. If you want an idea of how complicated this can become just look to the UK and how they're managing VAT. I would prefer to see a tweak to the income tax system to achieve the same revenue earning aims, even if it meant losing my personal allowance. Keep things simple, keep the cost of administering them low, don't waste money on a new scheme just for the sake of it!