AUDIO: 'Clever move' – financial analyst hails Gov’t’s move to tax bank withdrawals
Financial analyst, Dennis Chung says is hailing the application of a levy on withdrawals from banks as a clever move by the Government.
Yesterday Finance Minister, Dr Peter Phillips, announced $6.7 billion in new taxes to plug a shortfall in the inflows needed to finance the $539.3 billion Budget tabled for this fiscal year.
Among them is a levy on withdrawals from deposit taking institutions as of June, which is expected to yield $2.25 billion.
There is also to be a change in the way insurance companies are taxed and that is expected to provide $1 billion to the national Budget.
Chung says while he believes these charges will be passed on to customers, the Finance Minister has found a creative way to keep the pressure off the most burdened Jamaicans.
WATCH: Phillips announces $6.7 billion tax measures