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Impending withdrawals tax sending wrong message to prospective foreign investors - Christie

Published:Monday | April 21, 2014 | 12:51 PM

Jerome Reynolds, Staff Reporter



KINGSTON, Jamaica:

Former contractor general Greg Christie says the impending tax on withdrawals from deposit-taking institutions sends the wrong signal to foreign investors.




Speaking through his official Twitter account Christie says by way of this tax, the government has indicated to foreign investors that they should avoid Jamaica.



According to him, tax moves like putting a levy on banking withdrawals spells high risk for investor.



Seemingly responding to detractors, the former contractor general noted that his views are based on his experience as Jamaica’s country representative and principal tax, fiscal and regulatory regime negotiator for Jamaica's largest foreign direct investment for 13 years.



He says the argument of those who believe that the tax rate is minimal should be dismissed as he believes that once implemented it is likely that the rate will be increased over time.



Christie says the government needs to get busy in legislating mandatory jail time for tax evasion and collect taxes rather than burden Jamaicans with new taxes.



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