The Ministry of Finance’s Proposed Revenue Measures 2019/20
Below is the proposed Revenue Measures 2019/20 tabled in Parliament by the Minister of Finance Dr. the Hon Nigel Clarke yesterday March 7, 2019. The proposed revenue measures include the full or partial abolition of the Minimum Business Tax and Assets Tax, considered ‘nuisance taxes’ by some. The measures make for a simpler tax system with the abolition of the ad valorem stamp duty replacing it with a fixed rate of J$5000. Along with this comes the reduction in the rate of transfer tax from 5% to 2%.
It is hoped that these measures will stimulate economic activity and initiative in maximizing growth opportunities. The Minister expressed the hope that the measures will incentivize and reduce the costs of micro and small businesses and encourage formalization.
The Minister also recently tabled The Microfinancing Bill meant to bring small lenders under regulatory oversight and expected to bring some degree of order and formality to that sector.