Tracking The Withdrawal Tax


Many Jamaicans were tense as they tuned in to Finance Minister Dr Peter Phillips’ opening of the 2014-2015 budget debates last Thursday, April 17. Everyone is already aware of the country’s financial constraints as well as the government’s desperate need to increase its revenue stream. We were promised no new taxes at the start of the year, but the minister announced $6.7 billion in additional taxes. One measure in particular has raised the ire of Jamaicans at home and abroad – the levy on withdrawals from deposit-taking institutions and encashment from securities dealers, which is expected to raise $2.3 billion.

Comments have been flowing in everyday interactions and on social media, from economists to the man in the street. Track the developing issue in the articles below.

  1. Budget 2014-2015: Finance Minister Announces $6.7 Billion In Additional Taxes

  2. Government Taxes Bank Withdrawals

  3. AUDIO: ‘Clever Move’ – Financial Analyst Hails Gov’t’s Move To Tax Bank Withdrawals

  4. Bank Tax Backlash!

  5. NDM Joins In Opposing Bank Withdrawal Tax

  6. Impending Withdrawals Tax Sending Wrong Message To Prospective Foreign Investors – Christie

  7. Withdrawal Tax Draconian

  8. Letter of the Day – One Of The Most Evil Taxes Ever!

  9. AUDIO: Why Dennis Chung Thinks The Withdrawal Tax Is ‘Clever’

  10. PSOJ President Says Impending Bank Tax ‘Ill-Advised’

  11. Public’s Reaction To Bank Tax More ‘Emotional’ Than ‘Analytical’ – Hyman

  12. Withdraw Bank Levy, Says Shaw

  13. New Bank Taxes Explained

  14. Bankers Concerned Over Gov’t’s New Revenue Measures

  15. Finance Minister To Review Tax Measures

  16. Phillips: Read My Lips – More New Taxes

  17. Transaction Tax Fallout … Dealers Raise Possibility Of Capital Flight

  18. Fitz Jackson Wants Withdrawal Tax Rollback

  19. Will The Bank Tax Work?

  20. Withdrawal Tax Is Perfect – Almost

  21. Jamaican Gov’t May Abandon Proposed Bank Tax

  22. Bank Withdrawal Tax – Be Afraid!

  23. Withdrawal Tax Alternative

  24. AUDIO: ‘Listen To The People’ – Political Analyst To Phillips

  25. Phillips Gives In On Withdrawal Tax – Finance Minister Announces Tax On Imported Services, Other Measures To Replace Controversial Proposal