PSOJ Wants Review of Payroll Taxes

President of the Private Sector Organisation of Jamaica, PSOJ, Metry Seaga is calling for a review of the way payroll taxes are used.

His call follows Prime Minister Andrew Holness’ update on Tuesday that the government was advanced with plans to consolidate the country’s various payroll taxes into a single tax deduction.

The prime minister, who was speaking at the Jamaica Stock Exchange Regional Investments and Capital Markets Conference in Kingston, said the project will be streamlined by January next year.

At present, income tax, education tax, and contributions to the National Insurance Scheme and the National Housing Trust are deducted from salaries according to different percentage schedules.

It’s not immediately clear how the consolidation will be calculated.

Seaga says the last comprehensive review on payroll taxes was in 2012. Then PSOJ president Joseph Matalon led the committee.

But Seaga says not all the recommendations from the report were implemented.

He says the 2012 report could be used to guide the way forward.

Metry Seaga, PSOJ president.