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FINANCE & THE ECONOMY
The simple fact is that our tax system is inefficient and inequitable.
It makes it difficult for compliant businesses to pay taxes; provides
a web of incentives that are distortive and complex to navigate;
creates an unequal playing field for businesses in different sectors;
and concentrates the burden of funding on a narrow band of
taxpayers.
Apart from legislation, little has changed during the last four
years. The average business doing its best to comply with the
law, finds itself handicapped by the many bureaucratic hoops
through which it must jump. This is a situation that serves to drive
more transactions ‘underground’ into the informal economy; to
discourage able people from registering businesses; and sends
signals to investors, to look elsewhere for an easier business
climate.
The focus of the Jamaica Labour Party is very clear: robust
economic growth, and facilitating broad and sustained job
creation. The laser beam of the next government’s attention will be
on providing our young people with reasonable skills training and
jobs, affordable student loan payment plans, relief from income
taxes for entry-level employees, and the opportunity to own their
own homes through affordable mortgages.
One Ministry for Economic Growth
and Job Creation
Time and again we have seen good initiatives started by the private
sector, coming to a halt because of a lack of cooperation between
different agencies in government. We envision a single ministry,
designed to serve as a single focal point and action centre for any
initiative that has potential to create jobs and grow revenues.
Simplified Taxation System
The JLP reforms will simplify the tax system and increase its
overall efficiency. We will also expand the tax net by:
• reducing stamp duties and transfer taxes on
land transactions
• reducing estate duties
• merging NHT, NHF and NIS deductions into one
Social Security Deduction