Tue | Mar 28, 2023

MSMEs encouraged to access productive inputs relief scheme

Published:Monday | February 6, 2023 | 1:19 AM
Norman Dunn
Norman Dunn

Micro, small, and medium-sized enterprises (MSMEs) are being encouraged to take advantage of the Government’s Productive Inputs Relief (PIR) scheme, which facilitates duty-free importation of specific items intended for productive use.

State minister in the Ministry of Industry, Investment and Commerce, Norman Dunn, extended the invitation while addressing the Honey Bun Foundation Advisory Committee cocktail reception at The Jamaica Pegasus hotel in New Kingston, last Thursday.

“[The] PIR can give you, especially our exporters and our manufacturers, a key footing to stand on, because there are a number of advantages by applying for that,” he said.

Dunn said MSMEs are being encouraged to access the programme because “as a Government, we want to ensure that you succeed in what you do”.

Through the PIR system, the Government has targeted specific sectors – agriculture, manufacturing, tourism, healthcare, and the creative industries – which are being leveraged to promote and stimulate economic growth.

The relief provision is intended to spur an expansion of productive activities in these areas.

Companies operating in Jamaica can benefit from wide-ranging incentives, which are applied at two main stages – import duty and income tax relief.

These incorporate, among other things, relief on Customs Import Duties, normally charged when importing goods into the country; additional Stamp Duties, usually applied at the port on certain products; and Corporate Income Tax, generally levied on the profit income of businesses.