The Jamaica Chamber of Commerce (JCC) has described the Authorities’s not too long ago introduced income measures as attention-grabbing, noting that they’ve been rigorously designed to not solely enhance income but in addition have a behavioural affect.
Finance Minister Fayval Williams, who tabled the estimates of expenditure and the income measures in Parliament on Thursday, mentioned they need to lead to earnings of over $29 billion in the course of the 2026/2027 fiscal 12 months.
Mrs. Williams mentioned the measures are essential to deal with the large fallout from Class 5 Hurricane Melissa, which made landfall on October 28, 2025.
Talking with IRIE FM Information, JCC Treasurer, John Butler, mentioned the measures have been anticipated and replicate the fiscal accountability of the Authorities after such a significant pure catastrophe.
Mr. Butler, who can be the Deputy Chair of the Financial Affairs and Taxation Committee, famous that some stakeholders, similar to these throughout the tourism business, may have issues about remaining aggressive in relation to different international locations.
He was referring to the 15 per cent Common Consumption Tax (GCT), which the Finance Minister proposes will likely be levied on individuals providing tourism actions.
This is a rise from the ten per cent at the moment being charged to individuals inside this group.
Mr. Butler mentioned that with the measure taking impact on April 1, 2027, the sector may have a while to organize for the rise.
Taxes on worldwide digital providers, non-alcoholic sweetened drinks and a rise within the Environmental Safety Levy are among the many income measures the Authorities plans to make use of to fund the 2026/2027 price range.
A rise within the Particular Consumption Tax for pure alcohol and cigarettes is meant to spice up the Authorities’s earnings by over $2 billion.
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