The Jamaican government has announced the adoption of a raft of new tax measures targetting imported food items in support of the development of the domestic agricultural sector.

Explaining the plans, the island's Agriculture and Fisheries Minister, Roger Clarke, stated: “What we are doing is putting the duty on imported foodstuff into this country, so that our farmers benefit instead of farmers from abroad."

According to the Minister, the country last year imported USD930m worth of food, up from USD800m a year earlier. “The trajectory seems like we are heading to the billion [mark],” he said. The government “is determined that we are going to make a dent in that importation” by “levelling the playing field so that our farmers can grow and progress."

Under the plans, the government will apply additional stamp duties on imported meats, fish, ham and bacon. The plans vary from those announced a month earlier, that taxation would be hiked on animal feeds, fresh fruits, vegetables, tubers, fish and meat.

July 6, 2012

Source: Tax News

• Viet Nam’s trade surplus with EU expands amid economic headwinds
• Steel, cement and electricity firms to trade emissions quotas under Viet Nam's carbon market
• VCCI proposes 11 recommendations to quantify support for SMEs
• Trump’s copper tariff decision hangs over global metal market
• Global capital sees potential in Europe but calls for lighter regulation