Provide incentives for small businesses
THE EDITOR, Madam:
This is an open letter to the minister of finance. Dear Dr Clarke,
‘It is very obvious now that the coronavirus is impacting the lives of every human being around the world. This pandemic is spreading like wildfire, and the vast majority of people around the world are now living in fear... ’
IHOPE you are keeping well, and I pray that you, your family, all Jamaicans, and the entire world will be safe while we ride out this horrible pandemic.
It is very obvious now that the coronavirus is impacting the lives of every human being around the world. This pandemic is spreading like wildfire, and the vast majority of people around the world are now living in fear: fear of losing their love ones; fear of not getting medications for the critically ill and those with lifelong illnesses; fear of not being able to feed their families; fear of losing their jobs, and, eventually, losing their properties due to the absence of regular income to honour their obligations.
I am no financial wizard, but I have an idea that I would like to share with you. My suggestion is that the Government give the following incentives:
A. A 10-15 per cent refund on monies paid on our 2019 tax liabilities. If the Government is not able to pay on the total tax liabilities, they could, perhaps, consider the 15-20 per cent refund on the income tax portion;
B. Waiver of the usual latepayment penalty for those who have not yet paid their tax liabilities. (I am not asking for myself because my staff and I were lucky to have met the usual deadline, we are fully paid up.);
C. Postpone, waive, or discount the 2019-2020 property tax liabilities;
D. Make cheque payments to pensioners and also to those who were unemployed prior to the current pandemic;
E. Provide interest-free loans to business owners if faced with bankruptcy after the dust has settled.
I believe that the preceding, if enacted, will ease the impending financial burden and will give a tremendous relief to the small business owners, contract workers, freelance workers, caterers, restaurant owners, entertainment professionals, taxi drivers, hairdressers, most of whom are now experiencing low business activities or none at all.
It is my humble opinion that the suggested stimulus would aid the economy greatly by providing some liquidity while we and the rest of the world all brace for this financial meltdown.
L. JACQUI NIELSSEN, JP, CIPS Real estate broker Certified mediator