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Jamaica to Tax Winnings11 June 2003JAMAICA – As reported by the Jamaica Gleaner: “Finance and Planning Minister, Dr. Omar Davies is expected to release today a report confirming taxation on punters' winnings in the gaming industry, instead of the 15 per cent General Consumption Tax (GCT) which he had proposed in April. “Dr. Davies had announced on April 30 that the Government would climb down from its controversial plan to charge GCT on a number of pharmaceutical drugs, medical aides and agricultural inputs and, instead, impose the GCT on the gaming industry. “…Horse racing interests complained that they were not in a position to absorb any further taxation. Under the existing regime in the racing industry, seven per cent of the revenues from racing sales are paid over to the government. “The two lottery companies Jamaica Lottery Co. Ltd., sellers of Lotto, Pick3 and Three Way Drop Pan, and Supreme Ventures Ltd., sellers of Cashpot, Lucky 5 and Dollaz - were given three to four week moratorium to make adjustments to accommodate the new tax after also raising concerns…” |