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Wednesday, 30 April 2008
There was a rush of some on the island's main tax officesWednesday just hours before the implementation of several new revenue measures.
The revenue enhancement measures were outlined in the budget presentation by Minister of Finance and Public Service Audley Shaw and are set to go into effect Thursday, May 1.
The measures will net the Government $2.9 billion to help fund critical programmes and projects.
Additionally, the revenue measures will assist the Government to achieve its goals of a 4.5% fiscal deficit of Gross Domestic Product - GDP.
Among the measures is an increase on motor vehicle fees, which are to increase by 50%.
Long lines could be seen when RJR News checked at some of the Revenue Departments.
At the Inland Revenue Department just outside of Spanish Town, St. Catherine several drivers could not find space to park their vehicles.
No more imported damaged vehicles
Also taking effect Thursday will be a ban on damaged vehicles and those without certificates of fitness from the country of origin.
Imported vehicles must be three years and under and van or light trucks should be four years and under.
In the meantime the new transfer tax rate payable on property transfer, at death and other securities will now be 6%.
The new stamp duty applicable on property transactions will be 4.5%.
There was a rush of some on the island's main tax officesWednesday just hours before the implementation of several new revenue measures.
The revenue enhancement measures were outlined in the budget presentation by Minister of Finance and Public Service Audley Shaw and are set to go into effect Thursday, May 1.
The measures will net the Government $2.9 billion to help fund critical programmes and projects.
Additionally, the revenue measures will assist the Government to achieve its goals of a 4.5% fiscal deficit of Gross Domestic Product - GDP.
Among the measures is an increase on motor vehicle fees, which are to increase by 50%.
Long lines could be seen when RJR News checked at some of the Revenue Departments.
At the Inland Revenue Department just outside of Spanish Town, St. Catherine several drivers could not find space to park their vehicles.
No more imported damaged vehicles
Also taking effect Thursday will be a ban on damaged vehicles and those without certificates of fitness from the country of origin.
Imported vehicles must be three years and under and van or light trucks should be four years and under.
In the meantime the new transfer tax rate payable on property transfer, at death and other securities will now be 6%.
The new stamp duty applicable on property transactions will be 4.5%.