Thursday, May 24, 2012

News on tax changes

Tax changes – from Gleaner report


GCT reduced by 1% to 16.5% now charged on:

All fresh food except for chicken

Saltfish, milk, milk-based and milk substitutes except for baby formula

Printed material (book industry not happy)


from June 1 threshold for GCT on electricity increased from 200 Kilowatt Hours to 300 Kilowatt Hours. Solar panels now tax-free


Tax free items include:

Adult diapers and sanitary napkins


Special consumption tax of $9.50 added to each litre of alcoholic beverage


Hotel industry:

Removal of all tax-free expenses on commission and transportation except for gratuities


Corporate income tax cut to 25% but 33% remains for financial institutions as well as for telephone companies


For all registered companies - a flat fee of $60,000 per year


Motor vehicles:

50% increase on license plates, licensing and registration


Increase in income tax threshold:

From $441,168 to $505,312


Reported in article by Damion Mitchell

No comments:

Post a Comment