How will the new tax measures affect you?

There are two constants in life, death and taxes. So even if you are able to avoid one usually you are hit with the other. The recent budget presentations were avidly watched on television screens and listened to on radios across the island. Of special interest was the feeling of many that the private sector organization’s suggestions were going to be adopted by the government.

I listened keenly to the presentation. I have never claimed to be an analyst but it seems to me, that in order to finance the budget, the tax net will be widened to include previously untaxed items as well as remove previous tax breaks enjoyed by some entities. The average consumer will in my opinion benefit from the reduced G.C.T. rate of 16.5% which will result in lower costs for some items.

However there are minuses, motorists will have to find more money for costs associated with their vehicles, such as gas, fitness and registration fees. My next post will outline the rest of the budget presentation.

So are the new tax measures positive or negative? You decide! Let me hear from you!

Tags: economy, Jamaica, taxes