Tax Break on Jamaican Eggs31 October 2012
JAMAICA - Poultry producer, Jamaica Broilers Group (JBG) has received a five-year income tax waiver extension for a poultry division that will allow it to raise egg production by one-third to more than two million annually.
The waiver, approved under provisions of the Approved Farmers' Act, will bolster egg production for its ensuing financial year, the poultry group said in its annual report distributed to shareholders ahead of the annual general meeting on 3rd November, reports the Jamaica Gleaner.
"The highlight of our financial year was the granting of an extension to our approved farmer status by the Government of Jamaica," the report said.
"With this extension, we will benefit from incentives offered for our fertile eggs and cattle operations over five years, which will assist in our effort to expand production and improve efficiencies beyond the 1.84 million dozen eggs produced this year, which was up from 1.52 million dozen eggs the previous financial year. In fact, we aim to increase fertile egg production by 30 per cent in the year ahead."
Jamaica Broilers first benefited from income tax relief under the provisions of the Approved Farmers Act in 1990 for 10 years. A further five-year period of relief was granted in 2006 by the Ministry of Finance and Planning and this expired in 2010.