By Daraine Luton— Importers of goods for temporary use are set to benefit from the removal of general consumption tax (GCT) on such items starting Wednesday when the amended GCT Act takes effect. The provision, according to Senator Sophia Fraser-Binns, will be a major boost for the cultural and entertainment sub-sectors, which now pays GCT on such items. “The filmmaker, the person who will be bringing in goods for any kind of entertainment activity, now knows that there is no double taxation taking place. They know that they can bring in that which they need for their event without having to concern themselves about taxes,” Fraser-Binns said. The overhaul of the GCT regime is a requirement under Jamaica’s four-year extended fund facility with the International Monetary Fund (IMF). MOVING CULTURE FOWARD The provision, which Fraser-Binns said would greatly assist the cultural and entertainment sub-sectors, states that no … Read entire article »