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).