Black Royalty chops GCT by 1.5% as give back continues

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Minister of Finance and the Public Service Dr. Nigel Clarke is continuing the give back to the Jamaican people started when the JLP took power in 2016.

Finance Minister Dr. Nigel Clarke.

To that end the government will be reducing the general consumption tax (GCT) by 1.5 per cent in 2020/21 Minister of Finance and the Public Service Dr Nigel Clarke announced late yesterday evening.

Dr Clarke, who was opening the annual debate on the Appropriations Bill, said that the reduction would affect revenues to the tune of $14 billion.

However, he explained that it would allow for more disposable income in the economy, “…Allowing Jamaicans to keep more of their hard-earned pay in their pockets”, Clarke added.

The tax, which is currently at 16.5 per cent, will be reduced to 15 per cent.

Staff Reporter

News@lbcnewsjm.com

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