Jamaica to Tax Bank Withdrawals

[theworldismine13]

Jamaica to Tax Bank Withdrawals
Jamaica to Tax Bank Withdrawals

Jamaica’s government is planning a new measure that would impose a levy on withdrawals from banks.

Part of a revenue-raising scheme for a government that continues to be in a serious debt situation, the levy “will be chargeable on all withdrawals from deposit-taking institutions by way of electronic banking, point of sale transactions, cheques, automated banking machine (ABM), automated teller machine (ATM), or over the counter and internet transfers,” according to Finance Minister Dr Peter Phillips.

For transactions less than around $9,128 US dollars, the levy rate is 0.1 percent, or about $9.10 USD.

For smaller withdrawals like J$1000 or about $10 USD, the levy is about 10 cents.

The tax is higher on larger deposits, at .09 percent between J$1 million and J$5 million, and 0.75 percent between J$5 million and J$20 million, with a .05 percent rate above J$20 million.

Under the measure, the stamp duty on cheque transactions will be removed.

The measure has led to significant controversy in Jamaica.

Jamaica’s Shadow Finance Minister, Audley Shaw, accused the government of joining a “raid” on customers.

“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,” Shaw said.

 

[ORDER_66]

Jamaica’s Shadow Finance Minister, Audley Shaw

 

[Hawaiian Punch]

Very unfortunate. Having said that let's not act like we don't deal with the same shyt. Banks charge for having an account and ATM withdrawals too. Plus you get charged more is you use a card for gas. Just sayin...

 

[KENNY DA COOKER]

Globalisim and International Banks got my people in the west indies FUKKED UP!!!!!!!!!!!!!!!!!!!!!!!!!!!!

They will never be able to achieve prosperity ...just be sugar cane field workers and cabana boys and girls for the rest of their lives...

sad.................... NEO-COLONISIM = NEW SLAVES

 

[DaddyTime]

Globalisim and International Banks got my people in the west indies FUKKED UP!!!!!!!!!!!!!!!!!!!!!!!!!!!!

They will never be able to achieve prosperity ...just be sugar cane field workers and cabana boys and girls for the rest of their lives...

sad.................... NEO-COLONISIM = NEW SLAVES

yeah they already robbing them, robbing us, now them Caribbean govs crumbling on the people due to the financial pressure of all this nonsense....

 

[Crakface]

Taxing bank withdrawls when the point of having a bank is a safe place to put your money with interest. Kinda defeats the purpose of them lending money with interest, when they're taxing you more to take your money out the bank.

 

[88m3]

smh

 

[Crakface]

Jamaica’s Shadow Finance Minister, Audley Shaw

 

[KENNY DA COOKER]

I should have known who was behind this FUKKERY....


Jamaica’s government is planning a new measure that would impose a levy on withdrawals from banks.
Part of a revenue-raising scheme for a government that continues to be in a serious debt situation, the levy “will be chargeable on all withdrawals from deposit-taking institutions by way of electronic banking, point of sale transactions, cheques, automated banking machine (ABM), automated teller machine (ATM), or over the counter and internet transfers,” according to Finance Minister Dr Peter Phillips.

This dude (peter phillips) went from protecting drug lords and area dons such as Skeng Don in Jamaica to selling out those same dons out once he got a "position" as well as selling out the Socialist agenda of his party by siding with Capitlist bankers......

He even went as far in 2007 to let SCOTLAND YARD take over law enforcement affairs just to let them protect the intrests of white attendies from the British Isles visiting Jamaica during the WORLD CRICKET CUP series held in Jamaica that year.

 

[无名的]

Very unfortunate. Having said that let's not act like we don't deal with the same shyt. Banks charge for having an account and ATM withdrawals too. Plus you get charged more is you use a card for gas. Just sayin...

Let's not act like anything you said is mandated by the federal government or benefits the federal government. Let's also not act like every bank, ATM, and gas station do the same thing.

 

[88m3]

Jamaica’s Shadow Finance Minister, Audley Shaw

It sounds devious but it just means someone from the opposition party that isn't in power but would have/has a similar role albeit not officially.

Shadow Cabinet - Wikipedia, the free encyclopedia

 

[Jhoon]

Ten cents per withdrawal? Whats the point of the bank again? Let me go their treasury website.

 

[kevm3]

looks like a lot more money will be stored in the mattress now

 

[Malta]

That's worthy of a riot.

 

[theworldismine13]

Jamaica Withdraws Plan to Tax Bank Transactions
http://www.nytimes.com/aponline/2014/04/30/world/americas/ap-cb-jamaica-bank-tax-.html?hp&_r=0&gwh=70461BE3AEB53F38B52F39AAB1615FBA&gwt=pay