Chamber Of Commerce Wants Some Taxes Removed To Support Growth Environment

The Jamaica Chamber of Commerce is calling on the Government to signal support for investment by removing what it calls inhibitive and nuisance taxes.

These it says should be removed to send a signal to investors and also support the present environment that the Chamber says is good for investment.

The calls and position on the economy came from president of the Chamber, Lloyd Distant Jr in his address at the meeting of the JCC’s Board of directors Tuesday, November 27.

Mr. Distant reviewed facets of the economy, identifying several indicators that were positive. These included: lowering debt to GDP ratio, record low unemployment, high business confidence and projected growth.

He said the economy, with “all of these and other developments… are at a good point to take off on a growth trajectory.”

The Chamber president said it was important to make the best of the moment and not mess up the opportunities. In this regard, a statement issued on behalf of the Chamber said, “the best signal that the Government could send right now is to unequivocally convey its intent to fully support the drive for businesses to invest in the economy. A loud signal could be the removal of inhibitive and nuisance taxes such as taxes on dividends, the Minimum Business Tax, the surtax on personal income over the $6 million threshold and of course, it is now timely to revisit the Asset Tax.”

Franklin McKnight

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