PSOJ boss wants $1.5m tax plan implemented in two stages

March 30, 2016

President of the Private Sector Organisation of Jamaica (PSOJ), William Mahfood, has urged the Government to consider implementation of its plan to abolish income tax for workers earning $1.5 million or less annually on a phased basis.


Stating that the view was his personal opinion, Mahfood reiterated the PSOJ’s position of a wholesome tax reform, a day after Minister of Finance and the Public Service Audley Shaw announced that funds earmarked to follow through on an election commitment were no longer available to the new Jamaica Labour Party (JLP) Administration.


The JLP, during its campaign leading up the February 25 General Election, said it would provide an income tax break as one of the initiatives highlighted in its 10-point plan for economic growth and prosperity. This was outlined in its manifesto. Under the arrangement, income tax will be removed for people earning a gross annual salary of $1.5 million or less.

HSBC Bank Bermuda employees give back

March 31, 2016

This week, HSBC Bank Bermuda employees made two separate donations of $4,000 each to the Order of St. John’s Ambulance Bermuda and Friends of Hospice.


The funds were raised by HSBC Operations, Services and Technology [HOST] employees over the last year through their Denim Day donations.


Kevin Oates, Head of Information Technology at HSBC Bermuda was joined by members of the HOST Social Committee for the presentations to the respective charities and shared, “These particular charities were chosen from a list of over 100 registered charities as those the employees most wanted to give back to, due to the significant and positive impact both have made in Bermuda.


“It was our employees way of saying thank you for everything that they have done and continue to do for the Island.”

Sanders: The wealthy must pay for Puerto Rico's debt

March 31, 2016

Democratic presidential candidate Bernie Sanders says Wall Street investment banks must take losses amid efforts to fix Puerto Rico's debt crisis and that policymakers must focus on the island's people, not financial firms.


"These wealthy investors must take a significant haircut. The people in Puerto Rico should not be asked to suffer even more, so that a handful of wealthy investors can become even wealthier," Sanders said in a statement.


Puerto Rico is US$70 billion in debt, with major bond payments due in coming months. It also has an unfunded state pension liability of nearly US$44 billion.


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