Leaders urged to 'go easy on taxation'
Published:Thursday | April 14, 2011 | 12:00 AM
Angelo Laurence, Gleaner Writer
MANDEVILLE, Manchester:
KEITH SMITH, president of the Manchester Chamber of Commerce, has cautioned the Government to "go easy on taxation" and, instead, pursue a "fiscal and monetary" policy that encourages growth.
Smith, who was addressing members of the Rotary Club of Mandeville this week, said the Government must provide a platform that would make money available at low interest rates to borrowers who would, in turn, spend more, particularly in the area of production.
The chamber president said Jamaica was at a crossroads and needed a production explosion as it prepared to enter a new financial year.
While lauding Minister of Finance Audley Shaw for taking what he termed some bold steps last year to give the business sector a fresh start, Smith said the country needed a "cadre of leadership" to take it forward.
Production, he said, must be the central focus of any policy, as it was the only way to improve the nation's gross domestic product and presence in the world market. This, he said, would greatly improve the country's trade and balance of payments.
For the upcoming financial year, Smith said Government must implement a rational taxation policy and "liberate" the country from the current "stifling and arresting bureaucracy".
Eyebrows were raised when Smith said the Government must not regard loans from multilateral agencies or projects funded by other countries as the "cornerstone of economic development".
In all instances, he said, these agencies expect repayment plus interest as they are not "Santa Clause" and that is why Jamaica needs a cadre of leaders.