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Jamaica National hosts member meetings to discuss new taxes

Published:Friday | April 25, 2014 | 10:35 AM

The Jamaica National Building Society is now planning a series of meetings with its members to discuss the recently announced taxes.



The Finance Minister, Dr Peter Phillips, last week unveiled a $6.7 billion tax package.



Included in the package is a tax on withdrawal from deposit-taking institutions, expected to raise $2.25 billion.



Earl Jarrett, the general manager of Jamaica National Building Society says

the proposed tax on withdrawals from banks and other financial institutions is being analysed to determine the appropriate course of action.



The proposal is for a 0.1 per cent tax on withdrawals of less than $1 million; 0.09 percent on amounts between $1 and $5 million; 0.075 percent for withdrawals between $5 and $20 million; and 0.05 percent on transactions greater than $20 million.



This means that a person withdrawing $1,000 for examples would pay $1 in taxes, and a person withdrawing $100,000 would pay $100.



Jarrett says the planned series of members’ meetings will discuss this issue and along with other matters of national concern.



"We want to have full dialogue with members about new taxes," Jarrett said noting that the Government was also planning to increase the Asset Tax on businesses; redirect the Special Consumption Tax from the Road Maintenance Fund to central government; increase the personal Income Tax Threshold; as well as other initiatives which would have an effect on the welfare of members.



FOR MORE STORIES WATCH: Budget break down




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