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Following his return from Majuro, story Marshall Islands for the 2014 Pacific Islands Forum, on September 10, Palau President Remengesau signed into law the fiscal year 2014 budget.
The budget bill authorizing the sum of over $69.3 million and appropriates $68.4 million was passed by both houses on August 29.
Also included in the bill are amendments to the implementation of the tobacco tax.
The Olbiil Era Kelulau approved that instead of an annual increase, the tax increase would be limited to two separate increases.
Beginning on January 1, 2014, tobacco tax will increase from $2.00 to $3.50 per pack, with the remaining increase to take effect on January 1, 2015 to $5 per pack.
In the FY 2014 budget, $35.9 million was appropriated to the Executive Branch, $2.5 million to the Judiciary Branch and $4.7 million to the Legislative Branch among other appropriations to various boards, commissions and authorities.
