The Jamaica Chamber of Commerce (JCC) is congratulating the Government for what it calls “the pro-growth initiatives” announced in Thursday’s budget presentation by Minister of Finance & the Public Service, Dr Nigel Clarke.
They welcomed the announced abolition of the Minimum Business Tax, the abolition of the Asset Tax for non-financial businesses; the movement of the GCT threshold from $3 million to $10 million, the reduction of the transfer tax on real estate transaction from 5% to 2% and the replacement of the ad valorem stamp duty with a fixed rate of $5,000 per transaction. They said these include many initiatives for which the Chamber has long advocated. The JCC in a statement Friday said “we are confident that they will be well-received by the business community at large. We are also pleased that the net reduction in taxes announced was framed as a return of benefits to the Jamaican people for their sacrifice over the years which has led us to an improving economy and allowed for a reduction in the primary surplus requirement from 7% to 6.5%.
They also noted that the Minister said he would continue to focus on “debt reduction program and would allow for an expansion of the social safety net for the most vulnerable.” The JCC said that “balance is to be saluted.” The Chamber said it would continue to follow the Debate for more details but believes that “the Minister’s opening presentation augurs well for the stated objective of Growth with Equity.”