- GCT on imported raw foodstuff, including vegetables, will be abolished in the coming weeks
- The decision is in line with international trade treaties
- The Government had to balance the risk of being blacklisted by the WTO with the loss of tax revenues
- The policy aims to create an equitable market for both local and imported produce
- The abolishment of GCT will result in a loss of $2.4 billion
- Additional stamp duty can still be applied on imported raw foodstuff
- The GCT on all raw foodstuff, imported or domestic, will be removed
- Measures are being taken to benefit consumers and improve administrative ease
Source: jamaicaobserver.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
