Study: Jamaica still among cheapest places for gas - Business - Jamaica Gleaner - Friday | May 9, 2014

Study: Jamaica still among cheapest places for gas - Business - Jamaica Gleaner - Friday | May 9, 2014: "A Government of Jamaica-commissioned study on the scope for imposing GCT on petroleum products will guide possible implementation in fiscal year 2015-16, says local firm UHY Dawgen Chartered Accountants.

Commissioned by the Ministry of Finance, the study forms part of commitments for tax reform made under the International Monetary Fund agreement.

If GCT is levied on petroleum products, registered companies will be able to claim the tax paid, said the accounting firm.

UHY Dawgen's statement was made in tandem with the release of a new study by UHY International on petrol costs internationally.

The study affirms that Jamaica is among the "least expensive" sources of automotive fuel.

The accounting firm notes that Jamaica averages 20 per cent tax on petrol, diesel and LPG combined. Those taxes do not include GCT, which would be the equivalent of a VAT seen elsewhere, the researchers said.

"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 markup, which may result in a higher or lower overall cost to the consumer," said the report." Download copy of study here





'via Blog this'