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<So who are the beneficiaries of this Saudi Arabian-engineered largesse? Surely, one of those is the Jamaica Public Service Company. Another is the importers of petroleum products, and the government coffers should have swelled to the point of reducing some taxes.
One group that should have had maximum benefit but has had relatively little is the Jamaican consumer. Instead, consumers have had to bear an additional $7 per litre tax and about half of the collection was sunk in that up-to-now ill-fated oil hedge. And from that exercise, a big New York City-domiciled bank became another beneficiary as it was paid about half of that expected tax revenue of $6.4 billion to book the hedge for the Government. The poor Jamaican taxpayer!
Yet, the Honourable Peter Phillips objects nationally and most strenuously to the opposition leader's commitment and plan to raise the PAYE threshold exemption to those employees who earn $1.5 million or less. The $7 per litre gas tax should never have been implemented in the first place.>
IMF Man of di Year !
Xcellent !
<So who are the beneficiaries of this Saudi Arabian-engineered largesse? Surely, one of those is the Jamaica Public Service Company. Another is the importers of petroleum products, and the government coffers should have swelled to the point of reducing some taxes.
One group that should have had maximum benefit but has had relatively little is the Jamaican consumer. Instead, consumers have had to bear an additional $7 per litre tax and about half of the collection was sunk in that up-to-now ill-fated oil hedge. And from that exercise, a big New York City-domiciled bank became another beneficiary as it was paid about half of that expected tax revenue of $6.4 billion to book the hedge for the Government. The poor Jamaican taxpayer!
Yet, the Honourable Peter Phillips objects nationally and most strenuously to the opposition leader's commitment and plan to raise the PAYE threshold exemption to those employees who earn $1.5 million or less. The $7 per litre gas tax should never have been implemented in the first place.>
IMF Man of di Year !
Xcellent !
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