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Ridiculous!: JUSD wants Gov’t to reconsider withdrawal tax

Published:Saturday | April 19, 2014 | 1:15 PM

The civil society group Jamaicans United for Sustainable Development (JUSD) has added its voice to the growing condemnation of the government’s decision to impose a levy on withdrawals from deposit-taking institutions.



The levy was announced by Finance Minister Dr Peter Phillips as he opened the 2014-2015 Budget debate in Parliament on Thursday.



It was among the new tax measures which the government expects to bring in $2.3 billion in revenues this fiscal year.



But in a statement this morning, convenor for JUSD Richard ‘Dickie’ Crawford described the levy on withdrawals from banks, credit unions and other financial institutions as ridiculous.



Crawford charged that banks are already mercilessly charging Jamaicans for various transactions, causing the Parliament and the Bank of Jamaica to intervene.



He says instead of taxing Jamaicans a second time, the government should collect the $6.6 billion in revenues from the profits of the banks.



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