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News briefs - JUCDA opposes import-age policy change

Published:Sunday | March 25, 2012 | 12:00 AM

  • JUCDA opposes import-age policy change

The Jamaica Used Car Dealer Association has rejected a suggestion by the Automobile Dealers Association the Government consider rolling back the age limit for imported vehicles.

The Government amended the motor-vehicle import policy, effective December 1, 2011 to allow for the importation of motor cars up to five years old from three years, and light commercial vehicles up to six years old from four years.

ADA has suggested that the previous limits be reinstituted.

"The JUCDA unreservedly opposes the proposal of the ADA, the group that represent the new car dealers, to have the Government to reintroduce the three years 11 months restriction import policy on used cars and to further reduce import duties on motor vehicles," said Lynvalle Hamilton, president of JUDCA, at a press conference last Wednesday.

  • Seprod profits down 7.6%

Despite an increase in revenue, profits fell at Seprod Limited last year, partially due to rising expenses.

Net profit at December 2011 fell 7.6 per cent to J$767 million, representing a 7.6 per cent drop from J$830 million recorded in 2010.

Revenues were up 22 per cent to J$12 billion.

Selling and administrative expenses combined rose J$145m to J$1.54 billion.

  • Tax, debt and the budget

Tax reform and the stabilisation of debt indicators will be key objectives in the 2012-13 Budget to be tabled in Parliament in April.

Jamaica and the IMF and the Government concur that these issues should be confronted simultaneously by strengthening public finances through comprehensive tax reform, tighter control of expenditure and a greater focus on enhancing the overall competitiveness of the Jamaican economy, according to Dr Peter Phillips in a statement responding to the IMF Article 4 consultation results.

The agreement followed the March 8 to 21 visit to Jamaica of an IMF mission.

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