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Removal of CAF sparks renewed fervour in MSME sector


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March 2021
 
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Above Body

 11 Mar 2021    admin   

There is renewed enthusiasm within the Micro Small Medium Enterprise (MSME) sector, following the recent announcement by the Minister of Finance and the Public Service, Dr. The Hon. Nigel Clarke’s of the removal of the Customs Administration Fee (CAF) during his presentation in the opening of the 2021/2022 budget debate.

The removal of the CAF is effective April 1, 2021. The Customs Administrative Fee (CAF) is a fee imposed on or in connection with importation or exportation of goods.

The Customs Administrative Fee (CAF) prevented many MSME’s from employing opportunities for business growth on a global scale, as the tax made exporting online uncompetitive.  The MSME sector is identified as a primary driver of growth for the Jamaican economy, but is being challenged to realize their export potential due to the CAF, which represents an additional cost to exporting, utilizing the e-commerce platform.

Through the Ministry’s mandate to develop the MSME sector, groundwork was done through the Manufacturing and Export Growth Team to ensure that this major hinderance to the growth of the sector is removed. The removal of CAF will now allow for the sector to explore new and increased opportunities for exports and enhance their ability to grow and develop through the pandemic and beyond.

 

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The Ministry of Industry, Investment and Commerce is described as Jamaica's "Business Ministry." It's mandate is to lead the development of policies that will create growth and jobs, while achieving social inclusion and consumer protection. The Ministry, working its stakeholders is primarily responsible for business policy development, monitoring and evaluation, while giving direction and oversight to a cluster of implementing departments and agencies.

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  • (3/3) The meeting was held to further streamline the initiative which forms part of the HEART Trust’s existing trai… https://t.co/jKbVKW9Lzm Posted: 3 days 18 hours ago
  • (2/3) He said the HEART Trust will play a critical role, working with and other development partners to… https://t.co/NUjg0vgv0C Posted: 3 days 18 hours ago
  • (1/3) Senator the Hon. met with members of the , including Executive Director, Dr. Taneis… https://t.co/5D3lmlS5z6 Posted: 3 days 18 hours ago

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