$1.5 Million Tax Relief Plan Hits Roadblock – Alternate Source of Funds Required
The planned tax break for persons earning up to $1.5 million has hit a roadblock.
This after Jamaica’s Minister of Finance and Public Service, Audley Shaw reportedly disclosed that funds that should have been set aside from the existing gas tax have already been used up in the consolidated funds under the previous People’s National Party (PNP) administration.
According to the Observer, The Jamaica Labour Party (JLP), in making its election promise to implement a threshold of $1.5 million for Pay as You Earn (PAYE) contributors planned on using an estimated $9.5 billion from the gas tax to assist in funding the expected $12.5 billion that the tax plan would cost the country.
The disclosure means that the Government has to institute other plans to fund the loss from the reallocation of revenue from the existing gas tax.
Shaw is however reassuring the country of the Government’s commitment to providing the proposed tax break to employees. He made the announcement while speaking at the Private Sector Organisation of Jamaica (PSOJ) President’s Forum earlier today.
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