GCT Reduced To 15%
GCT Cut By 1.5%
As of April 1st, Jamaicans will be required to pay a little less in General Consumption Tax (GCT).
On Tuesday, Finance Minister Dr. Nigel Clarke said GCT is to be reduced from 16.5 per cent to 15 per cent while speaking at the House of Representatives.
This will be the first time the GCT rate gas been reduced since the introduction of the tax nearly three decades ago, that was not accompanied by taxes to other areas.
Dr. Clarke said:
“A cut in the rate of GCT will leave more disposable income in the economy, which will boost economic activity, which will benefit all households and farms.”
The Finance Minister says the cut in GCT is one of $18 billion worth of tax relief measures.
Micro, small and medium sized businesses are also to receive a tax credit.
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