Holness announces cut in GCT on electricity in 2025
Published:Sunday | November 24, 2024 | 2:57 PM
Prime Minister Andrew Holness says the general consumption tax (GCT) on electricity will be cut from 15 per cent to 7 per cent next year.
He announced at his party's conference on Sunday that the change will take place after the next budget, which is to be approved by March 2025.
There have been calls from various stakeholders, including the Jamaica Public Service Company Limited (JPS) for the GCT to be removed or reduced.
In 2022, it was reported that taxes currently make up 16 per cent of an average Jamaican household's electricity bill.
The Government charges a special consumption tax on fuel as well as the GCT.
The JPS also passes on the costs associated with payment of corporate income tax.
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