Some players in the health insurance sector are still uncomfortable with the GCT charge on group health insurance despite Finance Minister, Audley Shaw’s, announcement that it will be tax deductible.
No changes have been made to the government’s revenue measures despite objections to the tax on group health insurance since it was first announced.
Finance Minister, Audley Shaw, announced the benefit to tax compliant businesses which purchase group health insurance as he closed the budget debate in Gordon House yesterday.
But President of the Medical Association, Dr. Myrton Smith, says the government continues to traverse a ‘slippery slope’ in imposing the tax.
Former Chairman of the National Health Fund and incoming President of the Sagicor Group, Chris Zacca, agrees.
But he says more clarity is needed on how companies will be able to reduce their income tax liability as a result of paying the tax on group health insurance.
And, President of the Sagicor Group, Richard Byles, is maintaining that the government could’ve looked elsewhere for the revenue.