Used car dealers are concerned the sector could take a major hit as a result of the changes to the taxes paid at the island’s ports.
On Tuesday, the government said it was hoping to get an additional $1.5 billion in additional revenue as a result of changes to the way General Consumption Tax (GCT) is applied at the ports.
Finance Minister, Dr. Peter Phillips, said all fees and taxes at the port including the environmental levy, customs user fee, the common external tariff and special consumption tax, are to be included in the taxable base for the purpose of calculating the GCT.
President of the Jamaica Used Car Dealers Association, Lynvalle Hamilton, said the association will be taking a thorough look at the measure.
However, he says with the industry already under pressure from the weakening dollar, additional taxes could place an unbearable burden on the used car industry.
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