Proposed Bank Withdrawal Tax Will Be Abandoned

Minister of Finance and Planning Dr. Peter Phillips a short while ago announced a withdrawal of the bank taxes earlier put forward as a part of the revenue package for the 2014/2015 Budget.

“We propose to replace the levy on banks and financial institutions with two measures,” Dr Phillips told Parliament Wednesday.

The government proposes to introduce a 15% withholding tax on insurance premiums paid to non-residents by Jamaican residents and more GCT on imported services.

Phillips stressed that his administration listened and wishes to maintain the consensus they have built in relation to the national agenda.


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