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agriculture small farmers now have to pay GCT and advanced GCT on
agricultural equipment. This needs to be abolished.
A special tax regime must also recognise the critical role played by small
businesses in driving economic growth at the micro level.
Growth directed tax incentives must be guided by the objective of
increasing exports, decreasing imports, promoting a vibrant local business
sector and generating large numbers of jobs for our citizens.
The concerns recently expressed by the Jamaica Exporters’ Association
must also be confronted. The exporters are not satisfied with the fiscal
reforms already announced by the Minister. They have requested:
i)
Budgetary support for the implementation of the National Export
Strategy
ii)
The maintenance of the modernisation of Industry programme
iii)
A reduction in disincentives for exports now inherent in Jamaica’s
bureaucratic regulatory regime
iv)
They also advocate the need for the promotion of greater public/private
sector linkages to support more production and export.
6.
The Business Process Outsourcing Sector offers significant potential for
exponential growth in job creation. This is an urgent priority at this time.
We object to the proposal to impose a 10% profits tax on this sector.
This sector must be treated as an emergency creator of jobs in the
economy. The target of creating 20,000 by 2018 is far too modest, this
must be doubled to 40,000 jobs.
7.
With Jamaica’s large foreign ownership of banks, insurance,
telecommunications and hotel businesses, the remission of dividends
overseas, represents a serious annual depletion of foreign exchange, which