Home Businessuite News24 Jamaica’s Finance Minister Announces Revenue Measures Amounting To Almost $30 Billion Dollars.
Jamaica’s Finance Minister Announces Revenue Measures Amounting To Almost $30 Billion Dollars.

Jamaica’s Finance Minister Announces Revenue Measures Amounting To Almost $30 Billion Dollars.

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Opening the budget debate yesterday, Finance Minister Audley Shaw announced several measures including taxes on motor vehicle licences, fuel, tobacco and alcoholic beverages and a 16.5 per cent GCT on group health insurance.

Effective March 15, Special Consumption Tax (SCT) on fuel will increase from $0.43 to $7.36 per litre with an expected return of $7.5 billion and the SCT on pure alcohol will increase from $1,120 per litre to $1,230 per litre with an expected revenue of $403 million effective date March 13.

Meanwhile, effective March 13 and April 3 effectively, tobacco products will move from $14 per stick to $17 per stick and there will be an application of GCT at 16.5 per cent on group health insurance.BM