Senate passes General Consumption Tax (GCT - amendment) Act

Saturday, September 27, 2014 | 6:56 AM    

KINGSTON, Jamaica – The General Consumption Tax (Amendment) Act was passed in the Senate on Friday, September 26.

The legislation introduces a series of adjustments, which are at facilitating smoother operations of businesses as well as achieving greater efficiency and effectiveness in the system of tax collection, and also widen the tax net.

Opening the debate on the Bill, Minister of Justice, Mark Golding, said it seeks to facilitate Jamaican businesses by leveling the playing field and making them more internationally competitive.

He noted that several of the new measures are of particular benefit to the manufacturing sector.

Citing the deferment regime, he said it allows manufacturers to delay payment of tax on the importation of raw materials, consumables, and intermediate goods or spare parts, until the manufacturer is making his next GCT return. 

“Presently, the deferment system applies only to manufacturers of taxable supplies, which are those suppliers of goods that attract GCT, and only inputs acquired for use in the manufacture of taxable goods may be deferred in this way. The scope of this regime is now being extended to benefit manufacturers, who are engaged in mixed activities (which includes) the production of goods, which are taxable and also exempt goods on which GCT does not apply,” he stated.

Golding explained that the amendments will also allow small business operators, whose sales fall below the GCT threshold, to qualify for registration under the Act, and therefore receive benefits.

“There is a threshold of annual turnover of a business. If you fall below that threshold of $3 million, you cannot register as a GCT taxpayer. This is being changed to allow traders, who may be below that threshold, to register if they so wish. This will assist the micro, small and medium enterprises (MSME) sector… as businesses…will no longer have to absorb the cost of the GCT on their business expenses,” Golding said.

The amendments also introduce improved measures for dealing with tax avoidance schemes, while also widening the range of offences under the Act. Penalties for braches of the Act have also been increased.

Opposition Senator, Nigel Clarke welcomed the amendments to the legislation.

He noted that the legislation enhances the efficiency and effectiveness of the regime of tax collection as it relates to the GCT Act.

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Senate passes General Consumption Tax (GCT - amendment) Act

Seniors urged to limit salt consumption

SENIOR citizens are being urged to limit the consumption of salt in order to prevent and control hypertension or high blood pressure.

The advice came from consultant cardiologist at the University Hospital of the West Indies (UHWI) Dr Victor Elliott, as he addressed the eighth staging of the Annual Men’s Health Day Seminar recently at the St Andrew Parish Church Hall.Hypertension, commonly known as the silent killer, is sustained or persistent elevation of the pressure required to maintain blood circulation adequately throughout the body. It often has no symptoms or warning signs, but can easily be detected with regular blood pressure checks.According to Dr Elliot one in every five Jamaicans has hypertension. The disease is the leading cause of death, stroke, heart and kidney failure, blindness, heart attacks and poor circulation among Jamaicans.Dr Elliot said that in most cases, the cause of hypertension is unknown, but it is often influenced by excessive consumption of salt in the diet, alcohol, and lack of exercise.“As adults we have to choose our food wisely, and in doing so, read food labels to know what is incorporated in the food items being purchased. Use fresh poultry, fish and lean meat, rather than canned or processed. Buy fresh vegetables, low-fat dairy foods, use herbs, spices and salt-free seasoning blends in cooking. Eliminate the use of table salt, and choose convenience foods that are low in sodium to control or prevent high blood pressure,” he advised.Dr Elliot also cited the importance of physical activity, noting that people who are inactive, are 50 per cent more likely to develop high blood pressure.He recommended that seniors who are hypertensive should continue taking the prescribed medications, eat healthy, and stay fit to combat the disease. Those who are non-hypertensive are urged to practise a healthy lifestyle to prevent high blood pressure.“Seniors, I am imploring you to take charge of your health, eat right, take care of your heart, get regular health check-ups, because hypertension kills, and destroys family life, so take good care of your inner health, and enjoy life to the fullest,” he urged.Oswald DaCosta, who attended the session, said the information presented on hypertension, among other areas, helped to widen his knowledge.“I am more health conscious in terms of eating the right food and I am eliminating salt from my diet totally. I also didn’t read food labels and exercise much, but now I am encouraged to, so I can stay fit as I grow older each day,” said the 85-year-old.Other presentations focused on proper nutrition, herbal medicines and pharmaceutical drugs that can assist in the treatment of hypertension.In addition, the seniors were given nail and foot care treatment, as well as hair grooming.The health seminar, hosted by the National Council for Senior Citizens, also included the Ministry of Labour and Social Security, HEART Trust/ NTA, Eyeland Eyewear, Coconut Industry Board, Seven Seas, and the National Health Fund.

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Seniors urged to limit salt consumption