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Phillips sees new taxes to fund income tax relief plan

Featured Opposition Spokesman on Finance Dr. Peter Phillips Opposition Spokesman on Finance Dr. Peter Phillips
KINGSTON,  Jamaica April 1, 2016 - Former Finance Minister and Opposition Spokesman on the portfolio, Dr. Peter Phillips, is of the opinion that in order to fund its $1.5 M income tax relief plan, the Andrew Holness administration will have to impose new taxes.

Dr. Phillips says based on the IMF agreement, and the inability of Finance Minister Audley Shaw to find money to finance the plan, there has been increased discussions about the matter, since Mr Shaw stated that monies he thought were available for the plan did not exist.

He said the government has committed to providing income tax relief to persons earning up to $1.5 million annually,  and this will have to be done by new taxes because the current administration have no other options. He sees the IMF programme as the biggest factor. This as he sees no relaxation of the 7% surplus requirement which is critical to the agreement with the Fund.

He says Mr Shaw's utterances are in conflict with the JLP's ten point plan.  

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