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Jamaica Scraps Bank Withdrawal Tax

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The Jamaican government has announced it is scrapping controversial plans for a tax on bank withdrawals.

The measure, which was to have been part of the country's 2014-15 budget, had prompted widespread criticism because of its perceived unfairness.

Finance Minister Peter Phillips told parliament the levy would be replaced by other proposed duties.

Jamaica is currently implementing a debt restructuring programme backed by the International Monetary Fund.

On Tuesday, the World Bank approved a $510m (£301.5m) loan package to help Jamaica carry out wide-ranging economic reforms, seen as essential to reversing decades of low growth and high debt.

Just imagine how the rich would react to this here! They'd have to withdraw it and invest in property!

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