THE CONTROVERSIAL new tax impositions by the Minister of Finance are beginning to bite.
One major wholesale distributor has already given notice to clients that its prices will start to rise from July 1 and it is likely that retailers will pass on the price hikes to their customers.
In his 2017 Budget last month, Minister of Finance Chris Sinckler announced the introduction of a two per cent levy on all foreign exchange transactions that also include online purchases and money transfers. In addition, the National Social Responsibility Levy will jump from two per cent to ten per cent.
In a letter dated June 8, Western Wholesale Inc., a Barbarees Hill, St Michael distributor and agent said it would be forced to increase prices by eight per cent. (GE)
Please read the full story in today’s Sunday Sun, or in the eNATION edition.
