Fri | Aug 18, 2017

Brace for more taxes, Phillips warns

Published:Tuesday | May 17, 2016 | 5:34 PM
Opposition Spokesman on Finance Dr Peter Phillips making his contribution to the Budget Debate in the House of Representatives today.

The Opposition Spokesman on Finance Dr Peter Phillips says Jamaicans will be hit with more taxes as the government seeks to maintain a balanced Budget.

Making his contribution to the Budget Debate in the House of Representatives Tuesday, Phillips said it will be the consequence of the government's decision raise the income tax threshold in a bid to fulfill an election promise.

The ceiling will go up to $1 million next month and come April next year it will further move to $1.5 million.

Today, Phillips continued the Opposition’s hammering of the tax plan.

To fund the income tax relief, the government has increased the tax on cigarettes, petrol and departures and introduced a tax on liquefied natural gas and heavy fuel.

But Phillips argues that the tax plan is not workable and that the expected revenue from the taxes will not be achieved.

 

Opposition Spokesman on Finance, Dr Peter Phillips.

Phillips stressed that Jamaicans will be further burdened by the tax plan.

 

Opposition Spokesman on Finance, Dr Peter Phillips.

To bolster his argument, Phillips said July's planned visit by a team from the International Monetary Fund to Jamaica to discuss tax reform is a sign of impending taxes.