One week before Christmas the Bruce Golding led Administration have announced a multi-million dollar tax package, which will see consumers having to pay tax on even the basic food items. In 2-weeks Jamaicans will pay more for tax at checkout counters as the increase in General Consumption Tax (GCT) becomes effective January 1, 2010. The tax has increase from 16.5% to 17.5%. The Golding’s third tax package in a year is expected to find consumers digging deeper in their pockets to pay more for fuel, electric and cigarettes. Jamaicans will have to find a total of JA$21.8 billion.
|Increase in the Standard Rate of GCT||3.6B|
|Expansion of the GCT Base||6.2B|
|Removal of the Exempt GCT Status of Electricity||1.2B|
|Re-Introducation of the Ad Valorem Component of the SCT||9.4B|
|Increase in SCT on Cigarettes||1.41B|