Jamaica among countries with world’s lowest fuel cost
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The cost of filling the tank** of a Ford Transit van with diesel in Jamaica may cost a motorist as high as US$103.48 if using Automotive Diesel. Service dealers usually add their mark-up which may result in a higher or lower overall costs to the consumer.
Jamaica is close in comparison to one of the world’s largest economies China, who have extremelylow fuel taxes. Jamaica does not fall very far from its bench mark the US, in cost of petrol & diesel. Jamaica levies taxes of 19% and 20% on diesel and petrol respectively. This is just 7% over the US which levies just 12% on diesel and 13% on petrol.
The taxes applicable to fuel costs in Jamaica do not include GCT. The present Government of Jamaica has ordered a study on the scope for imposing GCT on petroleum products and indicated that results from this study will guide possible implementation in Fiscal Year 2015/16. If GCT is levied on petroleum products registered companies will be able to claim the GCT paid.
Even for Liquefied Petroleum Gas, a more environmentally-friendly alternative to petrol or diesel, Jamaica is still close to the US in tax levied on the cost of petroleum. The US levies no tax on LPG while Jamaica levies a minute amount of tax of LPG. Jamaica looks good when compared to the UK who still levies taxes of 60%, the highest in the developed world by some distance. France levies an 11% tax on LPG, while Germany levies 33%. Get Copy of Detail Study with Jamaica Comparison here
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