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Business leaders back Clarke's stimulus budget

Published:Friday | March 8, 2019 | 12:00 AM
Clarke ... announced six initiatives in opening the Budget Debate on Thursday.

The Private Sector Organisation of Jamaica (PSOJ) and the Jamaica Chamber of Commerce(JCC) have commended Finance Minister, Nigel Clarke for what they call his business friendly and pragmatic budget announcements in Parliament yesterday.  

The minister announced the abolition of the minimum business tax, the abolition of the asset tax for non-financial businesses, an increase in the GCT threshold from $3 million to $10 million and the reduction of the transfer tax on real estate transactions from 5 per cent to 2 per cent.

Clarke also announced the replacement of the ad valorem stamp duty with a flat rate of $5,000 per transaction.

According to the PSOJ, the new budget will lead to increased economic activity and increased growth of the Jamaican economy.

It also said the changes will trigger a resurgence of business confidence and optimism.

Meanwhile, the JCC said while it commends the minister for the pro-growth initiatives, most of them were long overdue.

It said too that it would have preferred if the abolition of the asset tax was applied to all companies and not just to non-financial companies.

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