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Lee Chin, Scotia hit by dividend tax

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  • #31
    heh heh!

    Can I repeat that definition, while appending your name to it?


    BLACK LIVES MATTER

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    • #32
      Then, I guess the difference was this is a tax on declared dividends, while the levy was a tax just for operating in Jamaica? It was a fixed figure and had nothing to do with profits made or moneys being sent back to the home country.

      Right?


      BLACK LIVES MATTER

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      • #33
        Sure, for a small fee.
        "‎It is easier to build strong children than to repair broken men" - Frederick Douglass

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        • #34
          Yup

          The levy is based on production quantity.

          The levy itself was quite proper...the way Manley did it was not. Too arbitrary/hasty and the greedy companies reacted with outrage. Back then they thought we should tek what we got.

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          • #35
            So, did Scotiabank and Lee Chin get some warning this time?


            BLACK LIVES MATTER

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            • #36
              Dunno, but there is precedent for dividends...everybody else used to pay. It is ordinary investment income.

              If they dont want to pay, they can pay stock dividends, issue bonues shares, do stock acquisitions or just plough back profits into building the business.

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              • #37
                Dont get me wrong, the levy was a good and timely manner. it just could have been better implemented.

                Jamaica benfits from it to this day, but we suffered from the loss of bauxite business when the aggrieved company scaled back and expanded elsewhere.

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                • #38
                  Originally posted by Willi View Post
                  Dont get me wrong, the levy was a good and timely manner. it just could have been better implemented.

                  Jamaica benfits from it to this day, but we suffered from the loss of bauxite business when the aggrieved company scaled back and expanded elsewhere.
                  That's what I have always thought, Willi. Why is it Manley's fault just because the bauxite companies were greedy?


                  BLACK LIVES MATTER

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                  • #39
                    It was predictable and could have been better handled. Even Labourites agreed with Manley in principle on that move.

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                    • #40
                      Originally posted by Islandman View Post
                      Yeah they should pay some tax, but 33% seem high to me, especially coming from nothing (which it should never have been). When the govt tax policies on investment instruments are always changing dramatically it discourages long term investments as you never know what to expect in say 5 years.

                      But I know you will say these are extraordinary times, so...extraordinary measures are needed.
                      There is another side to this coin.

                      I've been railing for years against the fact that Scotiabank in particular has turned Jamaica into an ATM. While I can understand providing tax incentives for sectors that govt wants to develop for reasons of industrial policy... banking is not currently a sector needing that assistance.

                      This dividend income would be taxed somewhere.. if not at source in Jamaica, then almost certainly in Canada, Scotiabank's domicile. The rate in Canada is whatever it is... lower or higher than Jamaica.

                      These companies should be taxed at source.
                      TIVOLI: THE DESTRUCTION OF JAMAICA'S EVIL EMPIRE

                      Recognizing the victims of Jamaica's horrendous criminality and exposing the Dummies like Dippy supporting criminals by their deeds.. or their silence.

                      D1 - Xposing Dummies since 2007

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                      • #41
                        on nuff more tings tuh

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                        • #42
                          I'm just taking a second look at the documentary " The Corporation". Not a very flattering view of large corporations...and ironically made long before the current crisis created by nothing more than greed.
                          Peter R

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