Student rep, car dealers grateful for tax reductions

Outgoing president of the University of West Indies Guild of Students, Jevaughn Neil, yesterday welcomed the announcement of lower interest rates for persons who access loans from the Students' Loan Bureau.

"I am appreciative of the decision because it is quite timely, given that the economic climate is getting harder and harder," Neil told The Gleaner.

Shaw has announced the reduction in interest rates from 12 per cent to nine per cent. He also said the repayment period would be extended from 10 to 15 years.

Meanwhile, Lynvalle Hamilton, president of the Jamaica Used Car Dealers' Association, also said the announcement of a reduction by 50 per cent of the common external tariff (CET) payable on motor vehicles was long overdue, but welcomed.

"We welcome the move because it has been long overdue. As a result of the delays, a number of our members have been affected negatively, so much that they had to close their doors. I hope that for those on the brink of closing down, this would see them reviving.

This is a much-needed boost," Hamilton said.

He feels, however, that the anouncements made by Shaw would be more in favour of new car dealers, as there is a difficulty getting cars within the restricted age limit of three years.

"This move is going in that direction, but we know that the industry plays an important role in the development of the country because most people cannot buy new cars," he said.

Kent LaCroix, chairman of the Automotive Dealers' Association, said the announcement was good news to the association.

"We are ecstatic," he told The Gleaner last night.