House Approves Removal of GCT on Importation of Horses

The Government is eliminating the General Consumption Tax (GCT) on the importation of horses to provide better quality breeding stock and stimulate growth in the horse racing industry.

The House of Representatives, on Wednesday (November 1), approved the General Consumption Tax (Amendment of Schedules) (No. 2) Order, 2023 to allow for the measure.

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, explained that as part of the 2023/24 revenue measures, he had announced the elimination of GCT on the importation of live horses, small ruminants, and pigs to facilitate improvement in the breeding stock on the local market.

“The measure with respect to small ruminants and pigs was made permanent by way of a July 19, 2023, GCT Order. However, with respect to live horses, due to a number of tariff codes… only a part of the measure was implemented by way of that Order,” Dr. Clarke said.

“Today, I seek to make the Order with respect to these remaining tariff codes permanent,” he noted.

He emphasised that encouraging the importation of better-quality horses will foster the sustainable development in the local racing sector, as the horses will be used to improve the breeding stock available on the local market.

For his part, Opposition Spokesperson on Finance, Julian Robinson, said the opposition has no objection to the Order.