Assistant General Manager at Jamaica National, Earl Samuels, is calling on the government to remove GCT on raw materials used housing construction in an effort to make home ownership more affordable to Jamaicans. Mr Samuels who says 70 percent of the cost of building a house attracts the 17 point 5 percent GCT, explains how the removal will help consumers.
He says the GCT should be applied only on houses that cost over 12 million dollars. Mr Samuels further proposed that the government allow tax breaks to prospective homeowners by permitting the interest rate element in mortgage payments to be tax free. Mr Samuels says the tax break is given in many countries and should only be given by the consumer making a claim for it at the end of each year.
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