Increased Taxes Yet Again For Jamaicans
New and increased tax measures took effect yesterday(April 1) designed to bring the government an additional 10 billion dollars over the course of the new financial year, which began yesterday.
They are part of the 16 billion dollar tax package announced by Finance Minister Dr. Peter Phillips in February, and that led to a walk out by the Opposition.
Some of the measures took effect on March 1 and the others take effect today.
The revenue measures include increased education tax to be paid by employees and employers, a new customs administration fee on almost all bulk items imported, increased stamp duty and transfer tax on land transactions and sharply increased property tax.
Also included is higher tax on games by Supreme Ventures, including lotto, cash pot, and pick 3.
The increased tax package was imposed because of government’s need to meet an IMF target of raising the primary surplus on the budget.
It followed $24 b in additional taxes from a package announced in May, last year.
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