Shaw: I will be known for cutting out corruption at customs
Finance Minister, Audley Shaw, has declared that he’ll be known as the finance minister who cleaned up customs.
He was speaking on Cliff Hughes Online on Power 106 FM about the government’s plans to increase the income tax threshold to $1.5 million dollars, following this month’s movement to a little over 1 million dollars.
Shaw says Jamaica could increase revenue by up to 30 per cent with increased compliance with import duties, leading to the government collecting billions more in revenues.
However, Shaw says Jamaica has a long way to go to cut out corruption at the customs.
However, he is warning those engaged in corrupt practices that he will be the one to end it.
The Government is seeking to increase tax compliance in a bid to plug revenue loss as it moves to adopt a programme of more indirect taxation.
Shaw says the government is in talks with the International Monetary Fund (IMF) as it designs the next phase of the programme to increase the income tax threshold to $1.5 million.