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June 12, 2021

Senate Passes Omnibus Tax Legislation

first_imgThe Senate on Friday, December 6, passed the Omnibus legislation which seeks to establish a transparent and coherent regime to govern all tax incentives.The Bills passed are the Fiscal Incentives (Miscellaneous Provisions) Act; and the Income Tax Relief (Large Scale Projects and Pioneer Industries) Act 2013.The Fiscal Incentives (Miscellaneous Provisions) Act 2013 sets out the reforms to be carried out to corporate tax including the introduction of an Employment Tax Credit (ETC), changes to the capital allowance regime, and revision of provisions governing the utilisation of tax losses.The Bill also deals with “grandfathering” and transitional arrangements relating to change from the old to the new incentives regime.In terms of the Income Tax Relief (Large-scale Projects and Pioneer Industries) Act, it sets out provision for the designation of large scale projects and pioneer industries that would qualify for tax credit under the Income Tax Act.Other elements of the framework for the new Omnibus Incentive Regime namely, the Customs Tariff (Revision) (Amendment) Resolution 2013; and Stamp Duty (Amendments of Schedule) Order 2013, were approved in the House of Representatives.In his remarks, Minster of Justice, Senator Mark Golding, noted that the Omnibus legislation represents the most far reaching set of revisions of Jamaica’s tax incentive systems.“The principal philosophy behind the Government’s tax reform in relation to incentives is based on the view that a comprehensive reform of Jamaica’s many tax incentive regimes requires implementation of a more accessible, broad based competitive tax regime, which can act both as a catalyst for investment and economic growth and which applies across all economic sectors,”  Senator Golding said. “We are working and I don’t think it’s helpful to make this particular legislative exercise as being the totality of tax reform whether of substantive tax law or of administrative issues. That is not what this is about. But it is a very major piece of the tax reform, the incentive system,” Senator Golding added.The passage of the Bills forms part of the Government’s economic reform programme, and is one of the pivotal structural benchmarks of the administration’s four-year Extended Fund Facility (EFF) negotiated with the International Monetary Fund (IMF), aimed at reducing the country’s debt and spurring economic growth. RelatedDebate on CCJ Bills Begins December 3 RelatedHouse Passes Bill to Provide Easier Access to Loans for Businesses Advertisements Story HighlightsThe Senate on Friday, December 6, passed the Omnibus legislation which seeks to establish a transparent and coherent regime to govern all tax incentives.Minster of Justice, Senator Mark Golding, noted that the Omnibus legislation represents the most far reaching set of revisions of Jamaica’s tax incentive systems.He noted that a new tax incentive scheme is being designed to eliminate the existing sector based incentive programme and to transition to a generally competitive business tax regime.center_img Senate Passes Omnibus Tax Legislation ParliamentDecember 7, 2013Written by: Latonya Linton He noted that a new tax incentive scheme is being designed to eliminate the existing sector based incentive programme and to transition to a generally competitive business tax regime.“The Jamaican economy has not been well served by the existing regime of sector based incentives.  The consensus is that such incentives may have been partly responsible for Jamaica’s lacklustre record of growth by encouraging the misallocation of limited economic resources in our country,” Senator Golding said.“The fundamental shift in policy direction calls for a general competitive regime of corporate taxation, in other words, one that provides broad base incentives for investments and employment creation,” he added.He also explained that the Omnibus Tax legislation will ensure that an equitable rules-based system is created for all players within the industry and not just those who have “access to ministerial decision-makers.”For her part, Senator Sophia Frazer-Binns welcomed the passage of the legislation. “I believe that the implementation of these legislations coupled with the tangible encouragement that the government has been giving to the Micro, Small and Medium-sized Enterprises, that we can only have and experience more growth and development so that generations to come will be much better off,” Senator Frazer Binns said.Opposition Senator, Dr. Nigel Clarke noted that while the bill may improve on the current tax incentive system “it certainly does not transform” the tax system.“The tax incentive regime is not complete until the administrative weakness and complexes are addressed,” he stated.In his response, Senator Golding agreed that “there was more work to be done” to improve the system. RelatedSenate to Offer Sign Language Interpretation Come January FacebookTwitterWhatsAppEmail last_img read more

June 4, 2021

Jasper CEO urges operators to do more with Internet of Things

first_imgHome Jasper CEO urges operators to do more with Internet of Things Related Telenor targets IoT boost through unification Bharti Airtel makes enterprise IoT play Satellite IoT network provider bags €26M funding Ken has been part of the MWC Mobile World Daily editorial team for the last three years, and is now contributing regularly to Mobile World Live. He has been a telecoms journalist for over 15 years, which includes eight…More Read more VIDEO INTERVIEW: Mobile operators can play a more central role in the burgeoning Internet of Things (IoT) market if they play their cards right on networks and partnerships, according to Jahangir Mohammed, chief executive of Jasper, a cloud-based IoT software platform provider.“Operators could make their networks more useful and easy to use, as well as package software [on top of the network] to help enterprises transform,” he told Mobile World Live in a recent interview. “The true power of [the] Internet of Things is that it can help enterprises transform from a product business to a connected services business.”A bigger role will involve partnerships with the likes of Jasper, which plays in the service software space. Operators, he added, could do more in marketing and selling applications that enterprises might find useful.One of the IoT areas Mohammed sees holding out much promise is remote services, which can help enterprises make the transition he talks about. He gave the example of a copier machine manufacturer who can move from a business model based on a one-time equipment fee to one based on a charge per page.Another growing IoT category is the connected car. “In the next five years, pretty much every car sold will be connected,” said the Jasper boss. He sees home automation and security, and smart grids for more efficient energy distribution, as other hot IoT areas.“IoT is in early stages but momentum is growing and it’s going mainstream,” said Mohammed. “The growth we’ve seen in the last two years and what we’re seeing in the next two years is really amazing.”Watch the full video interview here. Author Previous ArticleTelkom Indonesia looks to buy stake in NZ’s Spark — reportNext ArticleBT delays consumer 4G because of Wi-Fi handover glitch – report Ken Wieland Tags AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 06 OCT 2014 IoTJasperServicesTechnologylast_img read more

May 25, 2021

Premium / Market Insight: There’s no deal – what happened to M&A activity in Q2?

first_img Password* © Designer491 Premium subscriber LOGIN Please Login Forgotten your password? Please click here New Premium subscriber REGISTER Subscription required for Premium stories In order to view the entire article please login with a valid subscription below or register an account and subscribe to Premium Please either REGISTER or login below to continue  I recently argued that the outlook for multi-billion dollar deals in the supply chain remained challenging at best, and the latest trends are proof of that.But what was behind a sluggish second-quarter for M&A activity?DownAccording to PricewaterhouseCoopers, the global transport and logistics sector saw “its lowest volume quarter of the past 12 quarters, representing a 25% decline over the historical average, combined with a 33% decline in deal value over the same period.”“This is likely attributable to regulatory risks, economic …center_img Email* LOGIN Email* Reset Your Password << Go back By Alessandro Pasetti 03/08/2018 Resetlast_img read more