How to do tax reform when facing a fiscal crisis? - Business - JamaicaObserver.com: "On Friday, I argued that moving the NHT employer's contribution to the consolidated fund could represent about half of the estimated required tax package of around $24 billion. There are a number of advantages with this approach. Employers already pay what is in effect a tax as part of their overall tax burden, so the net new taxes placed on an already fragile economy would be reduced to only $12 billion, assuming the $12 billion number for the employer's NHT contribution is correct.New taxes of over two per cent of GDP, as would otherwise be required without the NHT move, would very likely put our economy back into a severe recession. A number of stores have advised that April was one of the weakest months on record for the retail sector, and other sectors of the economy are also very weak. In such a scenario, it would also appear difficult to advocate a corporate tax cut of $5.5 billion, by reducing tax rates to 15 per cent for a group of taxpayers, as advocated in the Private Sector Working Group (PSWG) extremely well crafted proposal, when this would "
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