Christopher Zacca, the president of the Private Sector Organisation of Jamaica, Christopher Zacca says the impending tax on withdrawals from deposit-taking institutions is ill-advised.



In a post on Twitter last night, Zacca said the tax will discourage individuals from joining the formal banking system.

a transaction tax at a time when the economy is tight and pressured would put a higher cost on transactions and is a hindrance to growth

— Chris Zacca (@chriszacca) April 22, 2014 [1]

As such, I think the transaction (bank tax) is ill-advised

— Chris Zacca (@chriszacca) April 22, 2014 [3]

He says the tax comes at a time when the economy is under pressure and will put a higher cost on transactions.



The PSOJ president says the move will be a hindrance to growth.



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