Thu | Sep 21, 2017

Trade licence initiative boosts KSAC revenue

Published:Wednesday | September 12, 2012 | 9:33 AM

The Kingston and St. Andrew Corporation (KSAC) is reporting that an initiative aimed at increasing the collection of trade licence fees has already resulted in a significant revenue boost.

Mayor of Kingston, Angela Brown-Burke, told a meeting of the Council yesterday that approximately $1.5 million was collected by Tax Administration Jamaica in the first week of the initiative.

This is in contrast to the just over $260,000 collected in the month of July.

On September 3, the KSAC and Tax Administration partnered in a bid to increase the collection of trade licence fees from the current $10 million per year to $75 million.

Teams from both entities began a street by street assessment of businesses in the area to determine their state of compliance.

The Mayor said she has drafted a letter to be sent to the Private Sector Organisation of Jamaica, Jamaica Manufacturers Association, Jamaica Chamber of Commerce and the Chinese Benevolent Society asking for their assistance in educating their members on some worrying issues the assessment team has found.

She said the team has found that some individuals who are wholesalers and retailers pay the $1,000 wholesale fee, but not the $5,000 retail component.

She said there are persons who operate businesses from several locations while paying for only one.

She also noted that there were several businesses not registered with the Companies Office of Jamaica.