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Shaw to announce tax cuts in April
MARK CUMMINGS, Observer senior reporter cummingsm@jamaicaobserver.com
Thursday, January 31, 2008
MONTEGO BAY, St James - Finance Minister Audley Shaw is to announce the government's plan to reduce taxes as well as measures to ensure greater tax compliance, when he makes his contribution to the 2008/2009 Budget Debate in April.
"I intend to, over time, bring the tax rates down and to elevate the compliance rate," Shaw said. "It can be done and it is the general philosophy and approach of the government to reform the tax system," the finance minister said.
Underscoring the need for the reform, Shaw said his administration would not be relying on borrowing and the imposition of new taxes to finance its obligations.
"We cannot rely, as the previous (People's National Party) government did, on borrowing and to taxing their way in terms of more and more taxes," he argued.
The finance minister was addressing participants at yesterday's Jamaica Stock Exchange (JSE) annual regional Investments and Capital Markets Conference at the Rose Hall Resort and Country Club in Montego Bay.
He told the gathering, however, that the proposed tax reform would not be undertaken at once.
"It can't be done at once, it's a process," Shaw stressed, adding that the proposal is intended to simplify the tax system through greater equity and compliance.
He argued that the proposed tax reform forms part of five fundamentals which, he said, are needed to return the country to the formal economy.
The others, he said, are:
. the reduction of national debt;
. investment promotions;
. a practical energy policy, and
. reducing bureaucracy.
The finance minister also told the conference that customer service departments at the island's collectorate will be upgraded in a bid to make them more efficient and customer friendly.
"I have already told them at the tax offices that I want every tax office in Jamaica to be comfortable so that people will be happy to pay their taxes," he said.
The 2008 JSC Investments and Capital Markets Conference, which ends on Friday, is being held under the theme: "Partnering for Change, Embracing Competition for Regional Advancement in a Global Environment".
Shaw to announce tax cuts in April
MARK CUMMINGS, Observer senior reporter cummingsm@jamaicaobserver.com
Thursday, January 31, 2008
MONTEGO BAY, St James - Finance Minister Audley Shaw is to announce the government's plan to reduce taxes as well as measures to ensure greater tax compliance, when he makes his contribution to the 2008/2009 Budget Debate in April.
"I intend to, over time, bring the tax rates down and to elevate the compliance rate," Shaw said. "It can be done and it is the general philosophy and approach of the government to reform the tax system," the finance minister said.
Underscoring the need for the reform, Shaw said his administration would not be relying on borrowing and the imposition of new taxes to finance its obligations.
"We cannot rely, as the previous (People's National Party) government did, on borrowing and to taxing their way in terms of more and more taxes," he argued.
The finance minister was addressing participants at yesterday's Jamaica Stock Exchange (JSE) annual regional Investments and Capital Markets Conference at the Rose Hall Resort and Country Club in Montego Bay.
He told the gathering, however, that the proposed tax reform would not be undertaken at once.
"It can't be done at once, it's a process," Shaw stressed, adding that the proposal is intended to simplify the tax system through greater equity and compliance.
He argued that the proposed tax reform forms part of five fundamentals which, he said, are needed to return the country to the formal economy.
The others, he said, are:
. the reduction of national debt;
. investment promotions;
. a practical energy policy, and
. reducing bureaucracy.
The finance minister also told the conference that customer service departments at the island's collectorate will be upgraded in a bid to make them more efficient and customer friendly.
"I have already told them at the tax offices that I want every tax office in Jamaica to be comfortable so that people will be happy to pay their taxes," he said.
The 2008 JSC Investments and Capital Markets Conference, which ends on Friday, is being held under the theme: "Partnering for Change, Embracing Competition for Regional Advancement in a Global Environment".
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