Tax on local conch to be reduced
KINGSTON, Jamaica (JIS) — Industry, Commerce, Agriculture and Fisheries Minister Karl Samuda says there will be a reduction in the tax on local conch from US$0.75 cents to US$0.50 cents per pound, this year.
He made the announcement during a press conference following a tour of the Rainforest Seafoods plant on Slipe Road in Kingston, on Friday.
Samuda said the decision arose out of discussions with ministry officials during which it was determined that the reduction was necessary in order to encourage greater investment in the conch sub-sector.
He further advised that come 2017,“We are going to make sure that the level of investment put into industries, whether conch or citrus or any other form of business activity, will weigh heavily on the degree to which an allocation for quotas are fulfilled.”
Samuda assured Rainforest and other food suppliers that if they are able to satisfy 75 per cent of the Caribbean Community’s (Caricom) demand, then a case can be made for their products to enter that market duty free.
“Caricom is the market that enables us to get the competitive aspects of our business up to speed and then, from there, move into the external market,” he pointed out.
