Chung Laments Lack Of Specifics In PNP, JLP Tax Cut Plans

By: Admin

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Financial analyst, Dennis Chung is lamenting the lack of specifics about the plans by both major political parties to lower the amount of taxes paid by Jamaicans.

In its manifesto launched yesterday, the PNP said if re-elected for a second term, it would raise the income tax threshold, lower the rate for personal income tax and GCT and reduce custom duties on consumer goods.

But the party declined to say precisely by how much it would cut these margins.

The PNP also refused to say when it would implement these reforms.

The Jamaica Labour Party had previously pledged to abolish income tax payment for people who earn up to $1.5 million.

But Chung, who is also the president of the Private Sector Organisation of Jamaica, says there is need for greater detail from both parties on their respective plans to reduce taxes.

Financial analyst Dennis Chung

In the meantime, Chung says Jamaicans must be told how the shortfall created by the reduction in some of the taxes will be filled.

He says if there is an intention to widen the tax base, Jamaicans must be told.

The income tax threshold was last increased on January 1 moving from about $557,000 to $592,800.