PSOJ Demands Full Clarity From JLP, PNP on Income Tax Promises

The Private Sector Organisation of Jamaica, PSOJ, is calling on the two major political parties to publish the detailed implementation plans and projections for how their proposed manifesto promises would affect the economy.

The JLP has proposed to reduce the income tax rate from 25 percent to 15 percent.

The PNP, meanwhile, is promising to raise the income tax threshold to $3.5 million.

Both plans are projected to cost in the region of $70 billion.

The PSOJ says the parties must publish the five-year revenue impacts and financing measures.

The private sector lobby group says the parties must also disclose the sequencing and start dates for their plans, as well as the debt and primary balance implications.

According to the PSOJ, both the JLP and PNP must reveal the distributional effects their plans will have across income bands.

It’s also calling for the parties to disclose the contingency triggers they would put in place in the event economic growth under-performs.

The PSOJ says it remains committed to dialogue to ensure that any tax relief is transparent, fiscally sustainable and supports economic growth.