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| Minister Fayval Williams |
The Hon. Fayval Williams made her budget presentation as the first female Minister of Finance to do so. Not known for a charismatic personality, in my opinion, she made a very factual presentation. I may have missed points that were just about political point scoring, and I am sure my readers will point it out. If she continues at this rate, she will be an effective Minister of Finance and the Public Service.
One should note the emphasis to manage our expenditure and the increase in the PAYE threshold. The government is also working to control inflation because we would not want to have inflation of 50% and above in the future.
Guest contributor to Bark Di Trute, Micspen has been advocating for the abolition of income tax. I know we will hear from him soon about this move to reduce income tax.
Click here to access the Minister of Finance and The Public Service Presentation.
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Totally abolishing direct income taxes is the way to go.
ReplyDeleteThere is a myriad of indirect income taxes so free up the economy that people will give it back consuming.
Take traffic ticketing if you get an average of $10 000 from 130,000 of the 600,000 vehicles in Jamaica you can collect $I.3Trillion budget financed one time.
Direct taxes is mostly borne by the ordinary workers:
Teachers nurses,police,soldier,public servants,small shopkeeper,store clerk,taximan etc.
Hotels do not pay taxes or duties under the Hotel Incentives Act.
Large farms under the Agricultural Incentives Act and a myriad of encouragement acts facilitate no taxes.
It is the squatters,poor and middle classes that pay the bulk.
Abolish taxes now.
I did not know that they are still paying taxes
ReplyDeleteI didn't watch or listen to the budget presentation but from the highlights on social media and the press, I don't see anything impactful presented.
ReplyDeleteAs stated above, I didn't see or listen to it so my feedback is not a reflection of the full presentation. Nevertheless, I assume, the highlights are the key takeaways.
The increase of $100, 000 annually in the income tax threshold for the next three years, taking it to $2M in 2027 is insignificant seeing the minimum wage increased recently and wages took an upward hike not too long ago. Not many persons will be added to the no income tax bracket. Currently those earning a gross salary of up to $125,000 monthly will see a permanent break from the big axe. As of the new fiscal year this moves to $150, 000 monthly. For others who will not see the axe until they reach the threshold, they might not feel a great impact as prices of basic goods and services continue to gallop.
The cut in JPS tax will not give a significant amount of savings either to put more cash in people's pockets that will allow them to save and invest at a rate to restart the economy's engine.
The link is there for you to access the budget presentation.
ReplyDelete