KINGSTON, Jamaica – As part of the government’s stimulus package, the Ministry of Industry, Commerce, Agriculture and Fisheries (MICAF) has cut export related fees and charges by 50 per cent, the Jamaica Observer reports.
This move has been implemented by Jamaica Agricultural Commodities Regulatory Authority (JACRA) and the Trade Board Ltd.
State minister at MICAF, Floyd Green says, “One of the issues that the Export Growth Team has been looking at is reducing the barriers towards export that affects our private sector partners. A number of these partners had flagged some of the fees charges by JACRA as one of the barriers, and we had committed to doing something about it.”
This 50% cut in export related charges, became effective on April 1, 2020 and includes cess charges. The move will see the ministry giving up over $100 million in revenue, in order to lower the cost associated with exports from Jamaica.
“This is one of the government’s stimulus packages to ensure that even as the country grapples with the COVID-19 crisis, we continue to look forward to opportunities in our export markets, especially across the region and continue to prepare ourselves for after COVID-19. I am very sure this is a move that persons, stakeholders and partners will appreciate”, Green continued.
The announcement was first made by Finance Minister Nigel Clarke during his 2020/2021 budget presentation.
Minister Green stated that the cut is intended to stimulate agriculture, growth and investment, signalling a “move in the right direction” for Jamaica.
The 50 per cent reduction impacts agricultural commodities including: coffee, cocoa, spice and coconut licensing fees.