Stewart welcomes gov't break to breeders
The chief executive officer of Caymanas Track Limited (CTL), Cedric Stewart, has expressed his gratitude to Finance Minister Dr Peter Phillips for the removal of duties on the importation of racehorse breeding stock from 40 per cent to five per cent.
Speaking at Caymanas Park on Saturday, Stewart said this is a welcome move by the government, which will redound to the benefit of the breeding industry.
The announcement was made by Phillips on the opening day of the Budget Debate in parliament last Thursday.
"This will, no doubt, encourage owners and breeders to once again import horses into Jamaica following a lull in recent years," said Stewart.
"I fully acknowledge the tremendous effort by the chairman of the CTL board in driving home this request to the minister, who has responded favourably, to the delight of horsemen," said Stewart.
"A trend was set last year when the government started paying foal subsidies to breeders and that, coupled with this new initiative, should provide a fillip to breeding farms. I am anticipating a major increase in the importation of horses this year, and the racing product on a whole will be impacted before long."