Fall off in collection of GCT & other taxes

[Lazie]

The downturn in the local economy is being blamed for a major fall-off in the collection of General Consumption Tax (GCT).

According to information from the Finance Ministry, total intake in GCT collection has been more than $6 billion below target.
Between April and January this year, the authorities collected $33.7 billion in GCT, which was below the $39.9 billion that the Finance Ministry had projected to collect.

But GCT was not the only tax which recorded a decline during the 10 months.

According to the Finance Ministry's latest report on Central Government Operations, inflows from stamp duty, motor vehicle licences as well as the betting, gaming and lottery sector did not meet projection.

http://www.radiojamaica.com/content/view/15997/52/

[Lazie]

When will interest rates be lowered, asked JCC

Pressure is mounting on the Government to act decisively in addressing the controversial high interest rate policy which remains in effect despite promises that it would have been removed earlier this year.

The Jamaica Chamber of Commerce (JCC) has written to Prime Minister Bruce Golding seeking answers on when interest rates will be lowered.
Chamber President Milton Samuda told RJR's Financial Report that the organization has also been lobbying members of the Golding administration in a bid to get a reversal.

"In addition to awaiting the Prime Minister's response, we have been canvassing members, lobbying Ministers (and) we've have discussions with the Governor of the Bank of Jamaica to see what can be done.

"We're extremely concerned about the high interest rate regime and we think that a bi-partisan approach has to be taken, that is Government and the private sector need to look at it to see what can be done because the present prescriptions aren't working," said Mr. Samuda.

http://www.radiojamaica.com/content/view/15996/52/