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The Opposition is supporting calls by the Private Sector Organisation of Jamaica for the elimination of the ad valorem stamp duty on mortgages and other documents, to secure the refinancing of existing credit facilities.
According to the Opposition, these stamp duties increase the costs of borrowers seeking cheaper loans to refinance existing loans.
As a result, the Opposition says the duties undermine the effectiveness of the competitive forces in the local financial markets
.
In a statement released last night, the Opposition said the charging of stamp duties on documents for refinancing, effectively doubles the rate incurred by borrowers for the same level of credit.
According to the Opposition, these stamp duties increase the costs of borrowers seeking cheaper loans to refinance existing loans.
As a result, the Opposition says the duties undermine the effectiveness of the competitive forces in the local financial markets
.
In a statement released last night, the Opposition said the charging of stamp duties on documents for refinancing, effectively doubles the rate incurred by borrowers for the same level of credit.
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