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Jamaica’s ministry assures no change on bauxite levy regime
Jamaica’s auditor general Pamela Monroe Ellis gets confirmation from the Ministry of Finance that there is no change in the taxation regime for the bauxite sector for fiscal year 2017-2018. The confirmation came after she found a change in the Fiscal Policy Paper for 2017-18.
Monroe said, "Based on the ministry's confirmation that there was no change in the taxation regime, the ministry should make the necessary correction to the Fiscal Policy Paper."
The Fiscal Policy Paper for 2017-18 indicated that there is no payment of the bauxite levy based on the new agreement with the owners of Alpart and Noranda.
"These agreements reflect a change in taxation regime for the bauxite sector wherein the companies move towards the payment of profit tax or profit sharing and away from the payment of a levy," it said.
The Government explained that the provisional intake from the bauxite levy for the fiscal year to December 2016 stands at $1.83 billion relative to the budgeted $1.98 billion, a shortfall of $150 million.
The shortfall occurred because of the downturn in crude bauxite production and decline in demand in the United States. Another reason for the shortfall was due to postponing of operation restart at Alpart bauxite processing plant.Get fresh Aluminium data and insights
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