Thu | Aug 17, 2017

Show us revised tax plan

Published:Thursday | May 4, 2017 | 5:03 AMChristopher Serju

Following its rollback of property taxes announced in its $715-billion expenditure to finance the 2017-18 Budget, the Government needs to come clean with the country on how it plans to make up for that shortfall, according to Opposition leader Dr Peter Phillips

"It is either going to mean that the Budget has to be cut because it is going to be short, or, it means that other tax measures (are) going have to be introduced," the former finance minister told Wednesday's relaunch of the Jamaica Agriculture Society's (JAS) president's breakfast at its Church Street, downtown Kingston head office.

This is especially important, Dr Phillips said, in the effort to establish sound economic policies which would see the country not resorting to borrowing more in order to carry out its business over the period under review, as well as it's potential impact for investor and consumer confidence.

"I think that would also address some of the problems that we face in relation to the overall interest of the agricultural sector, in not facing these huge, sudden - emphasis on sudden - increases in taxes which are being faced by the farmers, by virtue of the property taxes," he argued.

The Jamaica Labour Party agreed to review its proposed property tax rate in the wake of public outcry. However, there have concerns that there is no recourse for property owners who went ahead and paid the new rates, as there is no system in place to facilitate a rebate.