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MSME Alliance President Antoinette Hamilton
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MSME Alliance President Antoinette Hamilton
The Micro, Small and Medium Enterprises (MSME) Alliance has described as insufficient the government's plan to extend the General Consumption Tax exemption for businesses earning under $10 million to $15 million.
Despite this, President of the MSME Alliance Antoinette Hamilton said she is grateful and the move will benefit a number of business operators.
But she said she was hoping the government would have increased the GCT threshold for companies to $20 or $25 million.
She argued that this would better help to spur economic growth.
"We would have been advocating along with the JMEA (Jamaica Manufacturers and Exporters Association) for the removal of the requirement for some MSMEs to file their GCT on an accrual basis and move it to a cash basis. So what happens now is that whether you collect for your invoice or not, you are required to pay over that GCT to the government.
"Now, MSMEs already have a cash flow issue, and so that puts additional strain on their cash flow. So we were hoping for a cash basis GCT payment rather than an accrual basis. Or you increase the threshold to a level that will allow breathing space for MSMEs to grow," Ms. Hamilton proposed.
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