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Extend tax incentives to new companies listed on the main market - Mahfood

Published:Wednesday | January 27, 2016 | 1:52 AM
President of the Private Sector Organization of Jamaica William Mahfood notes that giving a tax holiday to a select group of companies may not be the right approach.

President of the Private Sector Organization of Jamaica (PSOJ), William Mahfood says in addition to incentives to companies listed on the Jamaica Stock Exchange's  Junior Market, incentives should also be given to new companies listing on the main market.

Mahfood says significant investment has taken place since the introduction of the junior stock market.

He points out that the tax incentives given to companies on the junior market have been important for the growth of the economy.

However, Mahfood notes that giving a tax holiday to a select group of companies may not be the right approach.

And he says a more favourable approach would be to give a temporary tax holiday to all new companies listing on both the junior and main markets.

He says it would help more companies to formalize their operations and provide more revenues for the government:

 

President of the Private Sector Organization of Jamaica, William Mahfood

He was speaking at the first PSOJ President’s Forum for 2016 recently.

The junior stock market was established in 2009 to encourage and facilitate the development and growth of smaller companies, especially new enterprises.