The new president of the Jamaica Chamber of Commerce (JCC) Lloyd Distant (Jr) has said the Chamber will continue to push for tax reforms.
He said the JCC’s ‘ultimate mission’ is to lobby for the abolition of Income Tax. He was establishing the position of the business group, while speaking, following his election Tuesday, October 23, in St Andrew.
“The [JCC] while maintaining abolition as the ultimate objective, has distilled its more immediate demands to reducing reliance on Income Tax as the primary source of public funding by placing greater reliance on indirect taxation,” he said.
In that regard, Distant argued, the JCC has viewed it pragmatic to start with simplification – by which the government should be moving to flatten the tax rate (both corporate and personal).
He said this would include the removal of the five percent surtax on personal income, at a certain level, implemented in 2016; as well as rationalization – by which the government should consider it fundamental to remove “punitive taxes” or any other tax that serves to inhibit growth (such as taxes on dividends, asset tax, minimum business tax, etc..).
By: Franklin McKnight