Opposition Spokesman on Finance Mark Golding has dubbed the government’s recent tax breaks as unequal and unfair to most Jamaicans, especially small business operators.
In making his contribution to the budget debate in parliament this afternoon ( Mar 12) Golding’s main concern was that the government’s budget for the next fiscal year favoured the rich and disadvantaged the poor.
Golding said while the opposition applauds the government’s decision to raise the threshold for GCT registration, the level did not go far enough.
He said small business owners who cannot recoup their GCT on goods and services, will suffer.
Mr. Golding said this problem could be fixed by amending the general consumption tax regulation to give small business the right to register if they wish.
He said the announced tax breaks will only benefit large entities, such as those in real estate.
He added that the stamp duty on small loans for assets will increase, placing an extra burden on MSME’S.
The spokesman is therefore calling for the removal of stamp duty on small loans.