High tax fuels Jamaican poverty, reveals study

| 15/06/2011

(Jamaica Observer): Jamaica’s ranking among the highest taxed countries across emerging economies and the wealthiest G8 countries could be one of the reasons for the country's low standard of living and economic competitiveness. In a study, researchers from the global accounting and consultancy network UHY found that the disparity between 19 high-taxed and low-taxed countries across its international network accounted for differences such as standard of living and economic competitiveness.

According to the UHY tax professionals, many of the wealthiest countries, including Dubai, the United States, Canada, Russia and Japan, use tax policy to attract and retain high-earning taxpayers as an important engine of economic growth and source of revenue.

The data also indicates that the countries, like Jamaica with the highest taxed workers, are among the poorest, with lower standards of living, social security and economic advancement. It also showed that in these countries, the highest income earners that is those persons who earn US$200,000 ($17 million) annually, are taxed more than twice the lowest earners, those who earn US$25,000 ($2.12 million) annually.

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