KINGSTON, Jamaica – Minister of Finance and Planning Dr Peter Phillips a short while ago announced a withdrawal of the bank taxes earlier put forward as a part of the revenue package for the 2014/2015 Budget.

“We propose to replace the levy on banks and financial institutions with two measures,” Dr Phillips told Parliament Wednesday.

The government proposes to introduce a 15 per cent withholding tax on insurance premiums paid to non-residents by Jamaican residents and more GCT on imported services.

He said both replacements are expected to net an estimated $2.3 billion. The financial transaction tax was expected to yield $2.25 billion.

Phillips stressed that his administration listened and wishes to maintain the consensus they have built in relation to the national agenda.

More information later.

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