From my archive of press clippings:
Jamaica Gleaner
The culture of non-compliance
published: Sunday June 22, 2008
Robert Buddan, Contributor
I support the minister of finance in his war of words and contest of will with the private sector, specifically his charge that too many companies and individuals are avoiding or evading taxes, and that the Government's priority will be to make Jamaicans tax-compliant rather than lower taxes as the private sector demands.
Read the whole article here.
Snippet(s):
"Only one per cent of registered companies account for 75 per cent of corporate taxes and 75 per cent of registered companies account for less than one per cent of corporate taxes.
Customs duties amount to only five per cent of the value of imports.
On top of this, companies get tax relief, waivers and concessions to the tune of 60 per cent of revenue collected.
All of this means that the effective tax rate in Jamaica is already very low but only a few individuals and companies are paying taxes, defying the economic argument that the lower the tax rate, the more people who pay taxes."
&
"The private sector's complaint that the charge of tax cheating is too sweeping is to miss the point purposely.
The degree of tax avoidance/evasion is so great as to justify a sweeping charge, knowing that this could not be taken to apply to every single company."
Showing posts with label customs duties. Show all posts
Showing posts with label customs duties. Show all posts
Thursday, March 12, 2009
Thursday, February 12, 2009
JG - EPA - Another failure in the making
From my archive of press clippings:
Jamaica Gleaner
EPA - Another failure in the making
published: Sunday July 13, 2008
Edward Seaga, Contributor
It is quite amazing how serious conclusions on subjects of great importance can be reached without real analysis by people in Jamaica who are not devoid of learning or understanding. There is a general failure to ask all the critical questions which could answer all the critical problems. A glimpse of truth or a smattering of facts and these are sufficient to reach a conclusion.
Read the whole article here.
Snippet(s):
"(W)e will open our markets to the remaining 50 per cent of European goods which now pay customs duties to enter the region, providing valuable earnings to boost the revenue.
On a graduated scale, the 50 per cent of European goods now paying customs duties will cease to do so over the next 25 years.
What is the compensation for this loss of earnings?
It is assumed that we must export more to Europe under the new arrangement for duty-free entry of goods from the region.
This is where the argument falls flat."
"The truth is that very few items of current production are competitively priced to be exportable, and this will continue to be the case since the region does not now possess, nor will it in the reasonably distant future, the ability to produce at low costs to match China."
"The only other avenue of increased earnings is the migration of Jamaicans to Europe, as is now occurring with other developing countries.
The remittances from migrants are the only way to help close the gap, otherwise the EPA is just another way of giving away much while receiving little."
Jamaica Gleaner
EPA - Another failure in the making
published: Sunday July 13, 2008
Edward Seaga, Contributor
It is quite amazing how serious conclusions on subjects of great importance can be reached without real analysis by people in Jamaica who are not devoid of learning or understanding. There is a general failure to ask all the critical questions which could answer all the critical problems. A glimpse of truth or a smattering of facts and these are sufficient to reach a conclusion.
Read the whole article here.
Snippet(s):
"(W)e will open our markets to the remaining 50 per cent of European goods which now pay customs duties to enter the region, providing valuable earnings to boost the revenue.
On a graduated scale, the 50 per cent of European goods now paying customs duties will cease to do so over the next 25 years.
What is the compensation for this loss of earnings?
It is assumed that we must export more to Europe under the new arrangement for duty-free entry of goods from the region.
This is where the argument falls flat."
"The truth is that very few items of current production are competitively priced to be exportable, and this will continue to be the case since the region does not now possess, nor will it in the reasonably distant future, the ability to produce at low costs to match China."
"The only other avenue of increased earnings is the migration of Jamaicans to Europe, as is now occurring with other developing countries.
The remittances from migrants are the only way to help close the gap, otherwise the EPA is just another way of giving away much while receiving little."
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