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Farmers, manufacturers to get General Consumption tax break

Featured Farmers, manufacturers to get General Consumption tax break
KINGSTON, NOVEMBER 9, 2016 - Jamaica's Farmers and manufacturers are set to benefit from  the removal of General Consumption Tax (GCT) on a long list of agricultural inputs approved by Jamaica's Cabinet. Minister of Industry, Commerce, Agriculture and Fisheries,  Karl Samuda, told yesterday's sitting of the House of Representatives that this is expected to cost the government $4.2 billion. Some of the agricultural inputs include semi-trailers, chain wire fencing; cooling and storage tanks, multipurpose fish-feeding machines, artificial insemination equipment, laboratory equipment, and medicaments and supplements. Mr. Samuda said the amendments seek to ensure that farmers have access to modern equipment and inputs. “The current list of zero-rated items for the sector is too limited. Our vision for agriculture is bigger and we must empower our farmers to enter the modern era,” Mr. Samuda said. The Minister further informed the House that Cabinet also considered measures in manufacturing and agreed to remove the rate of Special Consumption Tax now payable on alcohol used in the manufacturing process. “This is consistent with our pro-growth strategy as we attempt to attract investment in the two most economic areas of our country – the manufacturing and the agricultural sectors,” Mr. Samuda said.
Last modified onWednesday, 09 November 2016 12:27
  • Countries: Jamaica

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