The government is considering extending its Windfall Tax to all businesses earning annual profits of at least EC$1 million as it looks for new ways to finance education and workforce development.

The proposal was discussed during this week’s Cabinet meeting, where ministers examined options for creating a more sustainable source of funding for the country’s expanding education sector.

At present, the 10% Windfall Tax applies only to companies in the telecommunications, banking, insurance and energy industries that generate profits of EC$1 million or more. Cabinet is now exploring whether the measure should be expanded to include profitable businesses across all sectors.

The discussion comes as the government continues to invest heavily in tertiary education, including support for the University of the West Indies Five Islands Campus and the campuses that form the Antigua and Barbuda College of Advanced Studies (ABCAS).

Officials said growing access to higher education, combined with increased spending on facilities, programmes and student opportunities, requires reliable long-term funding.

Cabinet said the proposed tax expansion is one option being considered to generate additional revenue for educational development. Discussions are expected to continue, with attention being given to the legal, economic and social effects of any changes.

Any amendment to the existing tax framework would require parliamentary approval.

The government said it remains committed to ensuring that economic growth benefits the wider population while maintaining education as a key national priority.