Bank withdrawal tax to impact epayments

[DarkAngel]

I was wondering about the impact on epayments, it would appear this move will not only increase ALL electronic transaction fees (ATMs, Point of Sale etc) but will put an end to all free online banking facilities such as bill payments as well as online payments for goods and services we have become accustom to paying free such as Amazon, Netflix payments etc (paid via visa debit card)... Correct me if I’m wrong on this issue.
I’m not even going to go into the impact this new tribute will have on people on a fixed income, whose pay goes directly to the bank (direct deposit), the government and the banksters going to have a field day getting their cut each time you withdraw money, God help us.

[topanaris]

No you are not wrong, which is why it is expected to generate the most revenue for the Govt. "No new taxes" my *****. Our administrators really take us for some big head buds. And still we are hear waiting on the much delayed tax reform.

And again we hear the same bull**** mantra used over and over again, "the most vulnerable will be spared." As it relates to persons receiving payment, the company will bear that cost not the payee.

On the flip side the income tax threshold will be increase in January so you will be taking home an extra $4160 per month.

[gW33Zy]

The new tax, which will be a levy on withdrawals from deposit-taking institutions and security dealers, will be calculated on a graduated rate system, with withdrawals less than one million being subjected to a 0.1 per cent tax.
This measure will mean that persons withdrawing $1,000 will have to pay $1 in taxes. Conversely, persons withdrawing a sum greater that $20 million will have to pay a 0.05 per cent tax; those withdrawing more than five million, but less than $20 million will pay 0.075 per cent tax; and those taking one million to five million will pay 0.09 per cent tax.

Is the part in bold not important? Or are we fretting on the 0.05% tax we will having to pay everytime we withdraw $20,000,000 JMD from our bank accounts?

[topanaris]

Well just as i started getting accustomed to not seeing "backdated service charges being taken from my BNS account every month, now this. gW33Zy the Govt plans on making the bulk of taxes from the average joe and businesses, and personally i do 120K of online trans every month so thats $120 in taxes for me, but I am thinking with the increase in the income tax threshold in Jan next year I can live with those numbers.

[King_Jay16]

Is the part in bold not important? Or are we fretting on the 0.05% tax we will having to pay everytime we withdraw $20,000,000 JMD from our bank accounts?

I think you are missing the point.

The fact of the matter is that you are being taxed on money that has ALREADY been taxed - plus fees that the bank charges you.

[aejr120]

Is there any point posting your money in the bank anymore? Smh. This is the type of thing we should protest, but we only have strength fi Kartel case.

[wishlist]

Well its funny reading the different debates on Facebook and now here.

I am 34 and have never voted and never will...lets get that out of the way first...

Jamaicans can talk all they want but from the governments end this is all they know...

1. Millions of US dollars worth of electronic devices are purchased and shipped into the island every year.

2. So called poor suffering Jamaicans buying $50 - $100 thousand dollar Galaxy smart phones to use whatsapp (Government remember the days when people cry to buy a $2000jm phone.)

3. NCB and SCOTIA alone report billions of dollars worth of electronic transactions being done every year.

4. government say... we need more money to do stuff...so we go tax you rich people (definition of rich person already explained above just look for the Galaxy quote)

5. people who have expensive smartphones...40, 50, 60+ inch TVs and all types of expensive electronics crying because they go have to pay $1 jamaican dollar coin for a $1000 transaction.... crying with their $70 thousand dollar Note 3 in their hand.

Government looks at noobs complaining and LOLZ as they plan what else to tax.

People who know me know that my view (Opinion) is both parties and their supporters are idiots because both parties I assume have the same strategy which is NO STRATEGY to help Jamaicans. So they do stuff like this because they know it generates the money they need and be real will I feel that small % tax? in the government(both parties) mind no this little tax not going to kill you so SHUT UP and watch us take your money..

that's their view...deal with it..cause you cant do anything about it...have a nice day..

[juiceheadband]

On the flip side the income tax threshold will be increase in January so you will be taking home an extra $4160 per month.

Your net pay wont go up by the full $4160 each month. What's happening is that your taxable pay has gone down by $4160 which should translate to an extra $1040 of net pay each month.

The relationship here is that the change in net pay = 25% of the change in the income tax threshold.

[topanaris]

Your net pay wont go up by the full $4160 each month. What's happening is that your taxable pay has gone down by $4160 which should translate to an extra $1040 of net pay each month.

The relationship here is that the change in net pay = 25% of the change in the income tax threshold.

You sir are 100% correct, I did a quick pay advice for someone making 100K a month

[potoguise1]

The most vulnerable are those without bank accounts so they will be spared. The thing keep tunning up.