Wed | Aug 21, 2019

Jamaican gov't may abandon proposed bank tax

Published:Sunday | April 27, 2014 | 10:42 AM

There are indications that the Portia Simpson Miller administration could abandon the proposed bank withdrawal tax by the time Finance Minister Dr Peter Phillips closes the Budget Debate this week.



The tax on withdrawals from deposit-taking institutions is scheduled to take effect on June 1 and is projected to rake in J$2.25 billion of the J$6.7 billion in new taxes the government is budgeting to collect this year.



However, the tax has been met widespread opposition from several professional and civil society groups.



Speaking to the Gleaner-Power 106 News Centre on the weekend, Phillips gave the clearest indication that the government could abandon the measure.



He says the government will have to consider alternatives as it seeks to balance the value of the tax against the division which it will cause in the country.



Phillips says wherever the money is to be found, it must not be a burden on the poor and it must not be a burden on the most vulnerable.



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