The Parliamentary Opposition has welcomed the government’s decision to reduce the rate of General Consumption Tax (GCT) from 16.5 per cent to 15 per cent. The reduction takes effect on April 1.
Finance Minister Dr Nigel Clarke announced the 1.5 per cent roll back in his presentation of the 2020/21 budget in the House of Representatives Tuesday night (March 10).
“We are pleased that the government, by way of the finance minister, has accepted a proposal by Dr Peter Phillips that the lowering of the GCT rate would ease the burden on Jamaican consumers,” People’s National Party General Secretary Julian Robinson said.
He said the party is, however, concerned that the reduction has fallen short of Dr Phillips’ proposed two per cent. Robinson said the reduction, though not enough, forms the basis for further adjustment needed to cushion the effects of three years of the “harsh economic realities” on the most vulnerable across the society.