"The tax on gasolene will add approximately $15-$20 per litre and will have an inflationary impact on the prices of basic food items, goods and services throughout the economy," a statement from the PNP said yesterday.

Prime Minister Bruce Golding on December 23 announced a revised tax package after measures announced on December 17 caused widespread uproar.

Golding reversed the GCT on 43 items, while announcing new measures such as the increase in personal income tax to 27.5 per cent on all income above the threshold for persons earning in excess of $5 million, and 35 per cent for persons earning in excess of $10 million.

In his revised package, Golding lowered the 17.5 per cent GCT on electricity that exceeds 200 KWH for residential customers to 10 per cent. However, the proposed ad valorem tax of 15 per cent on petroleum remained unchanged.

The PNP is calling for the Government to provide an update on the status of the negotiations with the International Monetary Fund.

The Opposition is also insisting on a full parliamentary debate to discuss the tax measures. It also reiterated its call for the Government to increase the withholding tax on interest income.