Sun | Oct 25, 2020

Banks forgo asset tax cut to provide $3b for Jamaica's COVID-19 response

Published:Tuesday | March 17, 2020 | 12:00 AM
Finance Minister Nigel Clarke in opening the Budget Debate last week, had announced that the reduction in the asset tax would have taken effect on April 1.

Finance Minister Dr Nigel Clarke has announced that banks have agreed to forgo the reduction in asset tax for a year.

This will allow the government to add $3.02 billion to the $7 billion already announced as contingency to deal with COVID-19.

Clarke, in opening the Budget Debate last week, had announced that the reduction in the asset tax would have taken effect on April 1.

It was part of an $18 billion tax cut announced by the minister.

In the meantime, the Finance Minister also announced that Special Consumption Tax (SCT) will be waived on 100,000 litres of alcohol which will be donated to National Health Fund.

He said too that customs charges on liquid soaps, sanitisers, masks and gloves have been waived for 90 days.

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