Dear Editor,
Many reports ago, just pick one, the Private Sector Organisation of Jamaica said if we were to title more land in Jamaica people would have more access to capital. If we have more capital available it would be a driver to growth, economic growth.
Capital and access to capital has always been touted as one of the enablers to growth. True or false?
I think we can agree easily on that one. But that’s a long process, and although I am sure that it is being worked on, let’s talk about another way to get existing business capital freed up.
First, get the Ministry of Finance and the Customs agency to come into the modern century and reduce their unnecessary request of having 100 per cent of their Customs duty secured by a financial bond. If this were changed — by the Ministry of Finance simply instructing the commissioner of Customs to do so, preferably through a Provisional Order — it would free billions of dollars! That’s right, billions, with a big “B”; or as Donald Trump would say, It would free up capital “bigly”.
Our current commissioner would respond that he has no discretion, that it’s the Ministry of Finance that has to change that policy. I beg to differ. For, if that is so, the commissioner of Customs has been reduced to a clerk in Customs.
But let’s say he is right, then Audley Shaw, it’s up to you. You reduced the transfer tax on real estate transactions and this had an immediate effect; you deserved praise for that change and we need you to push this for this quarter.
Reduce the bond requirements now! Why? The present (not even new) businesses will be able to import more inventory for the upcoming quarter and beyond, sell more, pay your duty, and grow their businesses.
This needs to happen across all industries. Bonds that protect duty are not, I repeat, not revenue to Customs — only to banks!
Minister Shaw, we need action on this and if your financial secretary or commissioner of Customs can’t deliver this in 10 days, get yourself new ones.
Jamaica does not need cowards, as you said. What the country needs is bold steps. Take them, Minister, we are depending on you.
Elliot Penn
Kingston 5
Many reports ago, just pick one, the Private Sector Organisation of Jamaica said if we were to title more land in Jamaica people would have more access to capital. If we have more capital available it would be a driver to growth, economic growth.
Capital and access to capital has always been touted as one of the enablers to growth. True or false?
I think we can agree easily on that one. But that’s a long process, and although I am sure that it is being worked on, let’s talk about another way to get existing business capital freed up.
First, get the Ministry of Finance and the Customs agency to come into the modern century and reduce their unnecessary request of having 100 per cent of their Customs duty secured by a financial bond. If this were changed — by the Ministry of Finance simply instructing the commissioner of Customs to do so, preferably through a Provisional Order — it would free billions of dollars! That’s right, billions, with a big “B”; or as Donald Trump would say, It would free up capital “bigly”.
Our current commissioner would respond that he has no discretion, that it’s the Ministry of Finance that has to change that policy. I beg to differ. For, if that is so, the commissioner of Customs has been reduced to a clerk in Customs.
But let’s say he is right, then Audley Shaw, it’s up to you. You reduced the transfer tax on real estate transactions and this had an immediate effect; you deserved praise for that change and we need you to push this for this quarter.
Reduce the bond requirements now! Why? The present (not even new) businesses will be able to import more inventory for the upcoming quarter and beyond, sell more, pay your duty, and grow their businesses.
This needs to happen across all industries. Bonds that protect duty are not, I repeat, not revenue to Customs — only to banks!
Minister Shaw, we need action on this and if your financial secretary or commissioner of Customs can’t deliver this in 10 days, get yourself new ones.
Jamaica does not need cowards, as you said. What the country needs is bold steps. Take them, Minister, we are depending on you.
Elliot Penn
Kingston 5