Finance Minister, Dr. Peter Phillips says the JLP’s plan to increase the income tax threshold to $1.5-million is unfair as it would exempt almost three quarters of taxpayers in Jamaica from paying personal income tax.
Dr. Phillips was addressing a media conference at the PNP’s Old Hope Road headquarters today.
The Finance Minister says the JLP’s plan would also shift the income tax burden to a quarter of the workforce.
This, Dr. Phillips says would be unfair.
He told the media briefing that under the JLP’s plan, approximately 72-percent of taxpayers would not pay income tax.
Dr. Phillips says the JLP’s income tax plan would complicate the taxation system and destabilize the economy. He asserted that such a plan would be a backward step.
He’s charging that this would have a crippling effect on the economy.
Addressing a mass rally in St. James last night, Opposition Leader Andrew Holness, vowed that critics will not stop the JLP from implementing its plans to remove the income tax burden for a significant portion of the labour force.