Tweet
Proposals to expand GCT
The issue of expanding the General Consumption Tax, GCT net is again on the table for the government to consider. The private sector working group on tax reform presented its proposal to the taxation committee of Parliament earlier this month. A press conference to discuss the proposal was on Tuesday morning.
Among the list of GCT exempt goods which the group feels should be liable to the GCT standard rate include, school books, wooden pencils, pencil erasers and sharpeners, but interestingly the group does not believe that electronic notebooks should be included. They're also proposing that food items including cornmeal, cornbeef, breads, buns, bullas, sugar, salt, rice, patties and eggs should be among the GCT items.
The group which is made up of the Private Sector Organization of Jamaica, the Jamaica Manufacturers Association, Jamaica Chamber of Commerce, Jamaica Exporters Association, MSME Alliance, Insurance Association of Jamaica, Jamaica Agro Processors Association and the Jamaica Bankers Association also wants the government to consider a proposal to increase certain motor vehicle license fees. So for example owners of motor cars exceeding 3999cc currently pay 24 thousand 2 hundred and 50 dollars, the proposed new rate is 36 thousand dollars. The group also suggests that it wants property taxes increased from 0.75 percent to 2 percent, while the electricity on electricity should be moved from 10 percent to 12 point five percent.
Currently only some persons pay GCT on electricity, depending on their usage. The issue of paying GCT on electricity became a talking point leading up to the December 29 general election. Business operators complained that some had to pull down their shutters because of the high costs. PNP Leader Portia Simpson Miller said the issue would be considered by the administration when it formed the government.
The issue of expanding the General Consumption Tax, GCT net is again on the table for the government to consider. The private sector working group on tax reform presented its proposal to the taxation committee of Parliament earlier this month. A press conference to discuss the proposal was on Tuesday morning.
Among the list of GCT exempt goods which the group feels should be liable to the GCT standard rate include, school books, wooden pencils, pencil erasers and sharpeners, but interestingly the group does not believe that electronic notebooks should be included. They're also proposing that food items including cornmeal, cornbeef, breads, buns, bullas, sugar, salt, rice, patties and eggs should be among the GCT items.
The group which is made up of the Private Sector Organization of Jamaica, the Jamaica Manufacturers Association, Jamaica Chamber of Commerce, Jamaica Exporters Association, MSME Alliance, Insurance Association of Jamaica, Jamaica Agro Processors Association and the Jamaica Bankers Association also wants the government to consider a proposal to increase certain motor vehicle license fees. So for example owners of motor cars exceeding 3999cc currently pay 24 thousand 2 hundred and 50 dollars, the proposed new rate is 36 thousand dollars. The group also suggests that it wants property taxes increased from 0.75 percent to 2 percent, while the electricity on electricity should be moved from 10 percent to 12 point five percent.
Currently only some persons pay GCT on electricity, depending on their usage. The issue of paying GCT on electricity became a talking point leading up to the December 29 general election. Business operators complained that some had to pull down their shutters because of the high costs. PNP Leader Portia Simpson Miller said the issue would be considered by the administration when it formed the government.
Comment