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Proposed tax on bank withdrawals cancelled!

The proposed bank tax on withdrawals from deposit taking institutions in Jamaica has been cancelled.

This comes following strong objections to the implementation of the new tax from persons and various groups across the island.

Finance Minister Dr Peter Phillips announced that the bank withdrawal tax is to be withdrawn and replaced by two new revenue measures as he closed the 2014-2015 Budget Debate in the House of Representatives today.

He said the Government has listened and has taken on board some constructive comments. “We take pride in knowing we are an administration that listens,” the minister said.

  

Jamaicans bank tax on withdrawals withdrawn no more bank tax in JAmaicaThe revised tax measures will see a withholding tax of 15 per cent on all insurance premiums paid by Jamaican residents to non-residents.

The Government will also modify the GCT Act to improve the rules relating to imported services.

The measures will yield $2.3 billion.

Source: jamaicaobserver.com

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