In Shift, Jamaica Shelves Plan to Tax Bank Withdrawals

By: - April 30th, 2014

Above: Kingston (CJ Photo)

By the Caribbean Journal staff

After a plan to levy a tax on withdrawals from banks led to major controversy at home and abroad, Jamaica’s government has to decided to shelve the plan.

Finance Minister Dr Peter Phillips announced Wednesday that the government would be removing the introduction of the tax and replacing it with two new revenue-boosting measures: a 15 percent withholding tax on insurance premiums paid by Jamaican residents to non residents and a a modification to the country’s general consumption tax on imported services.

The withdrawal tax, announced earlier this month, generated criticism across the country and internationally, leading some to question Jamaica’s desire to remain competitive in the international banking industry.

According to estimates, the new measures would actually draw slightly more revenue than the proposed withdrawal tax.

The tax had been promulgated as part of Jamaica’s 2014/2015 budget.

Jamaica

Grenada Foreign Minister Visits Qatar

Above: Qatar By the Caribbean Journal staff Grenada Foreign Minister Nickolas Steele recently wrapped up visit to Qatar. The purpose of the trip was to pave the way for Grenada Prime Minister Dr Keith Mitchell’s upcoming trip to Qatar this year, according to a statement from Grenada’s government. During the trip, Steele met with Qatar […]

Jamaica

Trinidad, China Plan to Partner on "Agricultural Innovation Park"

Above: Trinidad (CJ Photo) By the Caribbean Journal staff Trinidad and China are planning to partner on the development of an “Agricultural Innovation Park,” according to Trinidad’s government. The University of the West Indies St Augustine campus recently hosted a five-member delegation from the China Agricultural University, aiming to produce a development plan for a […]

Jamaica

Rum Journal: Pusser's, Don Q, El Dorado Among RumXP Winners

Above: Lost Spirits rum By the Rum Journal staff It was another solid class at this year’s Miami Rum Festival, which released the winners of its RumXP tasting competition on Wednesday. The competition featured three days of blind tasting trials across 17 categories of rums comprising 113 varieties. Leading the way were a number of […]

Caribbean Hotel Report: Occupancy Numbers Continue to Decline

 By the Caribbean Journal staff Caribbean hotel occupancy continued its slow start to 2014 with another decline, according to STR. The region’s hotel occupancy fell by 0.4 percent in March compared to the same month in 2013, following a similar year-over-year decline in February. Hotel occupancy in the region in March stood at 78.6 percent, […]

Hyatt Continuing Expansion in Mexico

Above: Mexico By the Caribbean Journal staff Hyatt is continuing its expansion push in Mexico. The company has signed a franchise agreement for a Hyatt House property in Mexico City, part of a wave of new hotels set to open in the region in the coming years. The Hyatt House Sante Fe, an agreement between […]

Dominican Republic President, Curacao PM Hold Talks in Mexico

 By the Caribbean Journal staff Caribbean hotel occupancy continued its slow start to 2014 with another decline, according to STR. The region’s hotel occupancy fell by 0.4 percent in March compared to the same month in 2013, following a similar year-over-year decline in February. Hotel occupancy in the region in March stood at 78.6 percent, […]

Talking Tech in Dominica

 By Gerard Best CJ Contributor Above: Bevil Wooding, left, one of the founders of CaribNOG, leads a session at the seventh installment of the regional technology development event, held in Roseau, Dominica (Photo: CaribNOG) ROSEAU – Regional and international technology experts are gathering in Dominica this week to address Caribbean technology challenges and to collaboratively […]