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CAPI plans black Friday to protest withdrawal tax

Published:Wednesday | April 23, 2014 | 3:22 PM

Citizens Action for Principle and Integrity (CAPI) is urging Jamaicans to wear black on Friday as a show of solidarity to oppose the tax on withdrawals from deposit-taking institutions.



Co-convenor of the lobby group, Dennis Meadows, says CAPI deems the tax oppressive and unconscionable.



He says it will be detrimental to the Government’s growth agenda as it will send the wrong message to potential investors.



Meadows says although the argument is being made that the tax is very small, there is no guarantee that the Government will not raise it in the future.



He also says the withdrawal tax smacks of governmental laziness and cowardice.



According to Meadows, instead of seeking to plug the issue of tax evasion, cut expenditure and reduce corruption, the Government is seeking the easy way out by exploiting easily collected funds.



Meadows says is inviting the participation of the churches, trade unions and all civil society stakeholders to join in the protest against the tax by wearing Black on Friday.



The new tax, which will be a levy on withdrawals from deposit-taking institutions, will see withdrawals of less than $1 million being subjected to a 0.1 per cent tax.



Persons withdrawing a sum greater that $20 million will have to pay a 0.05 per cent tax; those withdrawing more than $5 million, but less than $20 million will pay 0.075 per cent tax; and those taking one million to five million will pay 0.09 per cent tax.



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