Removal of CAF sparks renewed fervour in MSME sector
MIIC Author
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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