17 MARCH 2015AlCircle.com
Discount on Bauxite Levy to be repealed under Jamaican Budget 2015-16
Edited by : AL CIRCLE
1 min read
In Jamaica’s Budget for the financial year 2015-16, the government will repeal the discount given on the bauxite levy and companies will now have to pay full amount.
Dr. Phillips told the House that there has been a positive wave in the international market that has also boosted the price of bauxite and alumina. As a result, the Prime Minister feels that the discount should be repealed so that the earnings from the levy can be used for overall growth of the country.
"While we understand the reasons in the past, which both administrations have had to engage in to discount or relieve production companies of the requirements under the Bauxite Levy Act, the interim regime in respect of the bauxite levy which was negotiated in 2008/9 came to an end last December. The full levy is now due and we expect all the companies to adhere to the law, both in letter and spirit," the minister said.
Dr. Phillips told the House that there has been a positive wave in the international market that has also boosted the price of bauxite and alumina. As a result, the Prime Minister feels that the discount should be repealed so that the earnings from the levy can be used for overall growth of the country.
"While we understand the reasons in the past, which both administrations have had to engage in to discount or relieve production companies of the requirements under the Bauxite Levy Act, the interim regime in respect of the bauxite levy which was negotiated in 2008/9 came to an end last December. The full levy is now due and we expect all the companies to adhere to the law, both in letter and spirit," the minister said.
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