Finance Minister Announces Historic Tax Cuts

Minister of Finance Dr Nigel Clarke shocked the nation Thursday afternoon announcing not just that there would be no new taxes but that there was a give back of $14 billion in tax cuts.

Dr Clarke told the House of Representatives, as he opened the 2019/2020 Budget debate, that there would be tax cuts amounting to $14 billion to help stimulate various sectors of the economy without jeopardising fiscal targets.

Few finance and business analysts contacted for initial response by Jamaica Today could remember a Budget with a next tax cut in recent years. Dr Clarke said it was the first tax cut in at least 20 years.

He announced reductions or removals of a variety of taxes including Stamp Duty, Transfer Tax, Minimum Business Tax and changed GCT threshold for small businesses.

In traditional media programmes including radio commentaries, representatives of the Small &Medium Enterprises, Small Business and the real estate sector all responded positively to the tax cuts.

(Jamaica Today will provide details in subsequent stories).



Franklin McKnight

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