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Pengelley calls for 10% tax rate on Junior Market

Brian-Pengelley

PRESIDENT of the Jamaica Manufacturing Association (JMA) Brian Pengelley is calling on Government to consider a 10 per cent tax rate for companies looking to list on the Junior Stock Market.

Up to two years ago, Pengelley was a part of the Private Sector Working Group (PSWG) led by then president Joseph M Matalon, which supported the removal of waivers across much of the economy, including the junior market, in an effort to raise total taxes to Government.

The junior stock market currently provides a 10-year tax benefit structure — five years free of corporate income tax followed by five years of half tax — for listed companies, and acts as a major incentive for companies to go public. However, last year the Government announced that it would remove the tax incentive effective March 2016.

Published in the Observer
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