GCT Act Amendment: Threshold For Companies To Pay Tax Moves To $10M

2439

The Senate today approved an amendment to the General Consumption Tax, GCT, Act which increases the threshold for companies to pay GCT from 3 to 10-million dollars.

The bill also proposes to reduce the administrative burden being faced by businesses.

Government Senate Leader, Kamina Johnson Smith, piloted the draft legislation.

Senator Johnson Smith says the bill is also expected to make the GCT system more efficient.

Kamina Johnson Smith, Leader of Government Business in the Senate.

Meanwhile, Opposition Senator, Wentworth Skeffrey supported the passage of the bill.

Wentworth Skeffrey, Opposition Senator.

Government Senator, Don Wehby, says the amendment to the GCT Act is timely and will positively impact many businesses.

Don Wehby, Government Senator.

They were speaking in the Senate today.

Meanwhile, Veteran Politician and Opposition Senator, KD Knight, says the country cannot afford politicians who’re given to stealing State resources.

He made the comments during his contribution to debate on a bill to amend the GCT Act.

Senator Knight was referencing the Auditor General’s Special Report on the scandal-hit, Caribbean Maritime University, CMU.

Senator Knight says the special report highlights deficiencies in governance.

He says if this is not addressed the people will view politicians as hypocrites.

KD Knight, Opposition Senator

He was speaking in the Upper House this afternoon.



Abka Fitz-Henley is a multiple award-winning journalist who is currently the Senior Reporter at Nationwide News Network (NNN). His primary areas of focus are Court, Crime and Parliamentary proceedings. Fitz-Henley was recently recognized in the regional celebrity magazine publication Panache as “The Breaking News Boss”. At 21 years of age, following his 1st year in media, Fitz-Henley was recognized with the Young Journalist of the year award from The Press Association of Jamaica and went on to cop one of the country’s highest recognized journalism prizes, the Journalist of the Year Award. He’s also been awarded the prestigious Corporate Jamaica Broilers Fairplay 1st place Award for investigative journalism and is the recipient of the Caribbean Blog Award for coverage of the infamous Kartel murder trial. Fitz-Henley is also the recipient of the PM Youth Award for Excellence. Over the years, he has appeared as a guest on the BBC World Service and BBC London.


2 thoughts on “GCT Act Amendment: Threshold For Companies To Pay Tax Moves To $10M

  1. Jerome Palmer

    This is beyond the “eat a food” culture for small business as the gov is ensuring that fiscally small and micro businesses can help themself with more money in their pockets. This is great news for young entrepreneurs

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *