Tax Torture in Jamaica

This is an interesting article on the bureaucracy of the Jamaican tax system that makes it difficult for individual and companies to adhere to the written laws:

Tax Torture: http://www.jamaicaobserver.com/news/html/20090122T220000-0500_145183_OBS_TAX_TORTURE.asp

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Comparing Jamaica and Barbados

I have been doing a great deal of travelling recently to Barbados, and it's interesting to note how much progress has been made in that country, versus what has happened in Jamaica in the same period of time.

Clearly, they are doing something right, and we have the distinction of doing several things all wrong (economically.)

Here are a couple of articles that are worth reading:

Click here to reference the article on Barbados' economic freedom.

Click here to access the report comparing the two paths that our countries have taken since independence.

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Real Estate Prices in Jamaica

Those of us who complain about the price of real estate in Jamaica need only visit Trinidad, Barbados, Cayman or the Bahamas to see what SERIOUS housing prices look like in islands that are doing well economically.

In fact, it's safe to say, that our crime is keeping our real estate prices in check.

Jamaica's beauty guarantees that if the number of murders were to drop, that an investment in real estate would be a brilliant move to make. If those other countries are any sort of guide, a car dealership would also be a sure bet.

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Would Remittances Stop?

I wonder if Jamaica's economy were to dramatically improve, whether or not the remittances would slow down.

Also, I wonder if the economic gains would be offset by a remittance reduction, as Jamaicans abroad come to believe that Jamaicans back home don't need the cash as much as they used to.

I wonder how much the government knows about this, a critical part of our economy that is built on the success of Jamaicans abroad. What is the psychology of an overseas Jamaican? Are they sensitive to reports of progress? Should their contribution be encouraged?

I know that Jamaica is not the only developing country that relies on remittances, but I wonder if it's seen as a bonafide "market" that is built on a belief that news of hard times requires a trip to Western Union.

I wonder.

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3 newspapers with 80 pages each

Trinidad has 3 daily newspapers, each of which have 80 or so tabloid size pages.

They also have some 11 TV stations and countless radio stations.

By contrast, here in Jamaica we have 2 newspapers of about half the size each, and 5-7 television stations (most of which only play music.)

Their progress has vaulted them past Jamaica in these very visible terms (in addition to the traffice and construction.)

With regards to the newspapers, it's not that there is more news in Trinidad to report... the many extra pages are made up of advertisements of all kinds.

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Jamaican vs. US Prices

Comparing prices is not an easy thing to do here in Jamaica, especially as the prices I remember in Hollywood, Florida have changed as a result of several hurricanes, and huge increase in gas prices, and the effects of a housing collapse.

Two years has made a big difference.

Yet, now and again I try to make a direct comparison.

This week, I bought a box of labels for CD's, and when confronted with the J$1800 price I cussed to myself thinking that "dem was a set of tief."

Well, to my shock, the package was cheaper to get from the local store than it would be to order it in the US.

In Jamaica:
J$1569 + 15% tax = J$1827.88

From OfficeDepot.com, ordering by mail but payng no sales tax:
US$20.98 + US$7.95 = $28.93

At the current exchange rate of 70:1, it is cheaper to buy the product in Jamaica.

Prices are difficult to track, because the exchange rate is always changing, and also it's easy to forget the 15% VAT.

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