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New taxes take effect today
2013-03-01 08:54:56 | (0 Comments)
A number of tax measures announced by the finance minister, Dr. Peter Phillips in mid-February are to take effect today.
Finance Minister Dr. Peter Phillips- file photo.
The taxes form part of the $15.9-billion tax package announced by Dr. Phillips during last month’s debate on the government’s supplementary estimates of expenditure.
As of today, the telephone call tax will be included in the taxable base for the purpose of calculating the General Consumption Tax (GCT).
This measure is expected to yield $1.3 billion.
Another $200 million is expected to be earned when the application of GCT on the face value of prepaid calling vouchers or airtime comes into effect today.
The finance ministry says the measure is aimed at increasing compliance, by ensuring that the GCT collected by non-registered taxpayers is accounted for by the telecommunication providers.
The ministry has again stressed that this move should not result in an additional cost to consumers as it represents an administrative measure.
The new Customs Administration Fee (CAF) is to be imposed on all imports as of today.
The CAF will replace the current Customs User Fee and other processing fees payable at the ports and will form part of the base for calculating the GCT.
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Source: The Gleaner/Power 106 News
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