JCC lauds the Government's newest policy proposals, but says more needed

The Jamaica Chamber of Commerce (JCC) is proposing a reduction in the income tax rate for small businesses to incentivise the formalisation of informal enterprises.

The proposal is contained in a media statement released by the JCC on Friday in which it lauded the Government for the proposal to increase the general consumption tax (GCT) threshold for small businesses, but said the Government should go further.

The Chamber says it supports proposed tax write-offs for technology investments aimed at modernisation and is encouraging the Government to eliminate the import duties and higher rate of GCT on cellular phones.

The Chamber adds that it welcomes the prime minister's commitment to improving Jamaica's attractiveness as a holding company jurisdiction, by examining dividend taxation and other deterrents which currently exist.

The Chamber is urging the Government to consult with tax practitioners and other stakeholders in the business community in designing these measures.

Meanwhile, the Chamber has praised the establishment of the Efficiency Programme Oversight Committee, designed to enhance government responsiveness and reduce regulatory barriers. 

"The JCC remains committed to supporting the Government in its mission to diversify the economy, improve infrastructure, and nurture an innovation-driven business climate. The Chamber believes that with the continued implementation of these reforms, Jamaica is well-positioned for the next phase of its economic transformation," it states.

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