Since Bank tax draws blanks, GOJ practices Withdrawal Method

[Don1]

Phillips withdraws bank tax
Wednesday, April 30, 2014 | 4:08

KINGSTON, Jamaica - Minister of Finance and Planning Dr Peter Phillips a short while ago announced a withdrawal of the bank taxes earlier put forward as a part of the revenue package for the 2014/2015 Budget.

Instead, the government proposes to introduce withholding tax on insurance premiums paid to non-residents by Jamaican residents and more GCT on imported services.

[Mosiah]

Hero Peter comes thru again!

YAY!

[Don1]

Anedda D1 prophecy manifest

[Mosiah]

Yeah, you and One Turd!

[Don1]

There's a difference between a prediction and a demand

[Islandman]

Interesting choice of alternative taxes. I still think the bank tax concept was a more efficient way to spread the tax net and to collect the revenue. Maybe it needed needed some adjustments. However the political fallout was becoming too great, especially after Dumb and Dumber gave their explanation of the tax.

Anyway mek we see who a go bawl now, lol. I also have major doubts about the accuracy of the revenue estimates.

The government proposes to introduce a 15 per cent withholding tax on insurance premiums paid to non-residents by Jamaican residents and more GCT on imported services.

He said both replacements are expected to net an estimated $2.3 billion. The financial transaction tax was expected to yield $2.25 billion.