Thu | Dec 9, 2021

Charities Bill passed

Published:Wednesday | May 15, 2013 | 9:37 AM

A Bill was yesterday passed in the House of Representatives which in effect removes the ministerial power to grant waivers to charitable organisations.

The bill outlines provisions for harmonising the treatment of charitable organisations for the purpose of taxation.

Speaking in the House yesterday, Finance Minister Dr Peter Philips emphasised that the Bill curtails ministerial power in relation to granting waivers to charities and to confer that power to Customs or the Tax Administration Jamaica.

The move is part of a structural benchmark within the extended fund facility agreed between the Government and the International Monetary Fund (IMF) as well as other multilaterals.

Philips explained that the measure has been introduced because of concerns by the multilaterals and the government that the current regime allowed for the possibility of significant revenue loss by way of tax expenditures.

The finance minister noted that the regime would be short-lived as the Charities Act is expected to be passed by September.

He said the Charities Act will establish its own regime for registration and regulation.

Phillips said the proposed Charities Act is now with the Office of the Chief Parliamentary Counsel for drafting.


Like our new Facebook page

Follow us on Twitter