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Reduce taxes, increase tax net says JMA
2013-01-15 12:32:04 | with audio | (0 Comments)
Monique Grange, Assistant News Editor
The Gleaner/Power 106 News Centre
The Jamaica Manufacturers’ Association (JMA), has described as unrealistic the government’s intention to increase the primary surplus from 6.3 per cent of Gross Domestic Product to 7.5 per cent in the next fiscal year.
Deputy President of the JMA, Metry Seaga, noted that the government is already behind schedule on meeting the current primary surplus target of $83 billion.
He believes an increase for the next fiscal year will have significant implications for the economy.
Seaga said before the government implements more tax measures, it must first make it easier for citizens to pay taxes.
He believes for the government to increase revenue it must also reduce taxes and increase the tax net.
Meanwhile, Seaga said the plan to reduce the power of the Finance Minister to grant waivers is also of great concern to manufacturers.
He is advising the government to tread carefully on any plan to place taxes or duties on certain imported raw material.
In updating the country yesterday on economic matters, the finance minister Dr. Peter Phillips said, the sharp reduction and ultimate elimination of ministerial discretion was among measures agreed on with the International Monetary Fund (IMF).
However, Seaga believes that consultation is needed with the Private Sector on the way forward before certain measures are executed.
Overall, Seaga has applauded the Prime Minister Portia Simpson Miller and Dr. Phillips for providing the nation with an update on IMF discussions yesterday.
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Listen to Audio clip
Deputy President of the JMA Metry Seaga.
Source: The Gleaner/Power 106 News
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