Cyprus did it as a one off.....The Government plans to do it all the time..... Shaw criticises govts tax on withdrawal from banks Friday, April 18, 2014 (Source The Observer) KINGSTON, Jamaica -- Opposition Spokesman on Finance and Planning, Audley Shaw, has accused the government of “joining in the raid on consumers pocketbooks”, by planning to introduce a financial transaction tax on withdrawals from their deposits. Speaking to the Press after yesterday’s opening budget presentation by Minister of Finance and Planning, Dr Peter Phillips, Shaw said that the government had obviously decided that, on the heels of the banks’ controversial fees and charges, there was more room “for attacking the pocket books” of the consumers. “It is clear that the minister has now decided that it is not enough for the commercial banks themselves to be attacking customers with ever increasing charges. He is joining the raid,” the opposition spokesman said. “He is giving company now to the commercial banks, joining in the raid on the pocketbooks of people who decide to go and use electronic banking or at points of sale, and cheques. Imagine, cheques! We are complaining about commercial banks and now the government is adding its own tax,” he stated. Phillips announced new tax measures in the House of Representatives yesterday, adding up to $6.6 billion in revenue. They include a Financial Transactions Tax, which is described in the Revenue Measures 2014/15 9 (tabled in the House of Representatives yesterday as Ministry Paper 44/14), as a levy on withdrawals projected to bring in $2.2 billion in revenues this fiscal year. Effective June 1, 2014, the new tax will be imposed on all withdrawals from deposit-taking institutions through electronic banking, point of sale transactions (debit cards), cheques, banking hall transactions, ABMs, ATMs, ETMs and internet transfers. The only exception is internet transfers made by a person between his accounts in the same financial institution. The levy is also imposed on all encashments from securities dealers, which will affect.each payment made by a licensed securities dealer to any of its account holders, or on their instructions arising from the full or partial encashment or withdrawal of funds. The deposit-taking institutions and securities dealers must file returns and account to Tax Administration Jamaica (“TAJ”) on a monthly basis for the levy collected. They must also report the value and volume of transactions to their regulators. Balford Henry
Posted on: Fri, 18 Apr 2014 14:51:29 +0000
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