- The Jamaican government has approved the removal of the General Consumption Tax (GCT) on the importation of horses.
- This measure aims to improve the quality of breeding stock and stimulate growth in the horse racing industry.
- The House of Representatives approved the General Consumption Tax (Amendment of Schedules) (No. 2) Order, 2023 to implement this change.
- The Minister of Finance and the Public Service, Dr. Nigel Clarke, explained that this measure was part of the 2023/24 revenue measures.
- The elimination of GCT on the importation of live horses, small ruminants, and pigs aims to improve the breeding stock on the local market.
- The measure for small ruminants and pigs was already made permanent, but for live horses, only a part of the measure was implemented.
- The government seeks to make the remaining tariff codes permanent to encourage the importation of better-quality horses.
- The opposition has no objection to this Order.
Source: jis.gov.jm
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.
