Export fees cut By 50%
As part of the government’s stimulus package, the Ministry of Industry, Commerce, Agriculture and Fisheries has cut export-related fees and charges by 50 per cent.
This move has been implemented by the Jamaica Agricultural Commodities Regulatory Authority and the Trade Board.
The 50% reduction impacts agricultural commodities including coffee, cocoa, spice and coconut licensing fees.
“One of the matters that the Export Growth Team has been looking at is reducing the barriers towards export that affects our private sector partners. A number of these partners had flagged some of the fees charges by JACRA as one of the barriers, and we had committed to doing something about it,” indicated state minister in the ministry, Floyd Green.
The 50% cut in export-related charges became effective on April 1 and includes cess charges.
The move will see the Ministry giving up over $100 million in revenue, in order to lower the cost associated with exportation.
“This is one of the government’s stimulus packages to ensure that even as the country grapples with the COVID-19 crisis, we continue to look forward to opportunities in our export markets, especially across the region and continue to prepare ourselves for after COVID. I am very sure this is a move that persons, stakeholders, and partners will appreciate”, Green continued.
The announcement was first made by Finance Minister Nigel Clarke during his 2020/2021 budget presentation.
Green stated that the cut is intended to stimulate agriculture, growth, and investment, signalling a “move in the right direction” for Jamaica.
Source: The Jamaica Gleaner