Phillip Ramson, President of the Jamaica Chamber of Commerce
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JCC President Phillip Ramson
The Jamaica Chamber of Commerce (JCC) is urging the government to lower the tax on imported goods to provide relief to Jamaicans feeling the pinch of the rising cost of living.
JCC President Phillip Ramson says business operators will be able to sell goods at more affordable prices if they pay lower duties.
While acknowledging that import duties are a major source of revenue, Mr. Ramson said there is a need for the government to simplify Jamaica's duty structure.
Mr. Ramson is also of the view that lower taxes on imported goods could help to prevent corruption at Jamaica Customs.
"I know that in the past, duties used to be upwards of 40% and they had been reduced to 20%. I think it needs to go down even further to try and reduce the cost of lving, but also, where you have a high duty structure, it creates opportunities for people to find ways around it and smuggle in goods that they don't pay any duties on.
"When you have a lower structure, it encourages people to be a part of the formal market and then also, when they're formalised they also pay GCT, so there are opportunities to increase on the GCT even though you're reducing the duty," he suggested.
Meanwhile, Mr. Ramson is to meet with Finance Minister Fayval Williams as the Jamaica Chamber of Commerce continues to lobby for reduced duty fees which he believes will "make cost of living more afordable for Jamaicans" while incentivising small businesses to become more productive.
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