BUSINESS C3 GK gives Andrea GANJA Coy new assignment Communique #8.pdf · 2014. 1. 13. ·...
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AMENDMENTS TO the Reve- nue Administration Act 2013 has paved the way for the tax authori- ties to request third-party informa- tion from companies and other businesses, as well as from gov- ernment ministries, departments and agencies. On Friday, the Tax Administra- tion Jamaica (TAJ) said it would implement the policy in phases starting next fiscal year. Businesses in selected sec- tors will be required as of April 2014 to submit information details relating to their deposi- tors, independent contractors, suppliers and business cus- tomers, the agency said in a release. TAJ hopes the information will assist in widening the tax net and to identify entities that under-report their taxes. “The information gathered will be used to validate returns filed by business taxpayers. Companies, self-employed individuals and partnerships are therefore cau- tioned to file a true assessment of their business activities for GCT, payroll and income tax purposes,” said the release. The Revenue Administration Act was amended in June 2013, with new powers granted to the commissioner general of Tax Administration Jamaica to request information deemed useful for tax purposes. The provision is also meant to aid the tax authorities with investigation, audit, assessment collection, and enforcement. TAJ said that before finalising the strategy for third-party dis- closure, affected groups and tax- payers will be advised of the new requirements. “Subsequent to the discussion with stakeholders, formal requests for the data will be sent,” the tax agency said. [email protected] THE SUNDAY GLEANER, JANUARY 12, 2014 C3 | BUSINESS sources were quite as forth- coming as Seiveright. An official connected to the Ministry of Agriculture’s commodity boards said he had “no interest” in consid- ering any aspect of the mari- juana trade in Jamaica, nor how the development in Colorado could affect the industry here. The commodity boards are only concerned with the legal stimulants of coffee and cocoa, as well as with coconuts and spices such as pimento – no herbs. Ganja in Jamaica is usu- ally sold in small quanti- ties for $100 per purchase, which is enough to make three ‘spliffs’ or cigarettes, authoritative sources told Sunday Business. The cost per pound is $7,000 to $8,000 (US$66 to US$75), though the price “depends on potency”. Under Colorado’s new law, marijuana can be sold like alcohol, with residents able to buy up to one ounce, and non-residents a quarter of an ounce. The sale of the drug is taxed in the same way as alcohol, and state officials have said they expect to raise hundreds of millions in revenue from the business activity. The levy comprises a 15 per cent excise tax and a 10 per cent sales tax. The first US$40m to be earned from taxation is to be used for school construction, accord- ing to The Denver Post , from Colorado. More than 130 businesses in Colorado applied for the licence to sell cannabis, mainly in the capital of Denver, according to the BBC. The state has a popu- lation of about twice the size of Jamaica, with 5.2 million people, and Denver has a population of about 630,000. In Colorado, although mar- ijuana is now legal for both medicinal and recreational use, there can be a large price differential between the two. A one-eighth ounce of a mar- ijuana product, called ‘Girl Scout Cookies’, recently sold for US$50 plus US$14.25 in taxes, for a total of US$64.25, according to spe- cialist magazine High Times. But if bought with a prescrip- tion the cost would be halved. PRICE CONTROL Uruguay, where the state has legalised the drug and taken control of the mar- ket, has set the price of marijuana at around US$1 per gram. That translates to about US$28 per ounce. The South American country is weighing exports of the drug to Latin American markets, forcing new conversation on drug policies inside some of those countries. Medical marijuana is cur- rently legal in 20 US states, and at least three more are moving towards legalisa- tion, said Seiveright, including New York, Alaska and Florida. In Europe, the Czech Republic, The Netherlands, Spain and Portugal have legalised the herb to some extent. Closer to home, Costa Rica and Puerto Rico are the “next places to watch”, said the ganja coalition director. Inside Jamaica, ganja farmers plan to launch their own association at the University of the West Indies later this month. richard.browne @gleanerjm.com GK gives Andrea Coy new assignment A NDREA COY, who was tapped almost two years ago to run Hardware & Lumber Limited (H&L), is on the move again inside the GraceKennedy Group. Coy will be giving up her hard hat at a time when H&L has regained solid footing in the market and is again generating posi- tive returns for GraceKennedy. H&L Chairman Erwin Burton, in announcing senior management changes on Friday, said Coy will take up the position of Senior General Manager, Global Category Management in the GK Foods Division of GraceKennedy Limited, effective March 1. Donna Doran, the current H&L chief financial officer, will assume the position of acting CEO at the same date, while financial accountant Jonathan Ruddock will act as CFO. “Mrs Coy has done a tremendous job at H&L. She worked in tandem with the team to effect very positive changes,” said Burton. Coy was appointed CEO of the business back in April 2012. H&L’s current yearend results are pending, but its nine-month report to September 2013 recorded profit of about $90 million, or $1.11 per share. That compares to one cent per share in the com- parative 2012 period. Revenues have surpassed $6 billion annu- ally under her management. With a background in auditing and finance, Coy has become known as some- thing of a change-management specialist within GraceKennedy. She is now expected to help position the conglomerate as a global consumer group. “Mrs Coy has done a tremendous job with H&L and has focused on not only the growth of the business but also on the strengthening of the management team of the company,” said group CEO Don Wehby. “We know her experience will serve us well as we seek to attain our goal of becom- ing a global consumer group,” he said. Coy first joined the group in April 2005 as financial controller for supermarket chain Hi-Lo Food Stores. DORAN TAKES BATON Burton said Doran, who will take Coy’s place at H&L in the interim, has been “very instrumental in the determination and imple- mentation of the strategies that accounted for H&L’s turnaround”. Prior to joining the team at H&L in May 2012, Doran worked in finance at Red Stripe Jamaica for 12 years. “While there, she received recognition for successful SAP implementation and upgrades, as well as improving organisa- tional capability,” GK said. Doran also worked at the state-run Urban Development Corporation as deputy general manager in charge of finance, treasury and investments for approximately 18 months. Ruddock is a veteran of the group, having spent 13 years with Grace Food Processors and four years with GraceKennedy’s Central Finance Unit as accountant. He was trans- ferred to H&L as financial accountant in 2010. [email protected] TAJ sets April date for information disclosure requirements JERMAINE BARNABY/STAFF PHOTOGRAPHER Andrea Coy, CEO of Hardware and Lumber Limited. GANJA CONTINUED FROM C1
Transcript of BUSINESS C3 GK gives Andrea GANJA Coy new assignment Communique #8.pdf · 2014. 1. 13. ·...
AMENDMENTS TO the Reve-nue Administration Act 2013 haspaved the way for the tax authori-ties to request third-party informa-tion from companies and otherbusinesses, as well as from gov-ernment ministries, departmentsand agencies.
On Friday, the Tax Administra-tion Jamaica (TAJ) said it wouldimplement the policy in phasesstarting next fiscal year.
Businesses in selected sec-tors will be required as of April2014 to submit informationdetails relating to their deposi-tors, independent contractors,
suppliers and business cus-tomers, the agency said in arelease.
TAJ hopes the informationwill assist in widening the taxnet and to identify entities thatunder-report their taxes.
“The information gathered willbe used to validate returns filed bybusiness taxpayers. Companies,self-employed individuals andpartnerships are therefore cau-tioned to file a true assessment oftheir business activities for GCT,payroll and income tax purposes,”said the release.
The Revenue Administration
Act was amended in June 2013,with new powers granted to thecommissioner general of TaxAdministration Jamaica torequest information deemeduseful for tax purposes.
The provision is also meant toaid the tax authorities withinvestigation, audit, assessmentcollection, and enforcement.
TAJ said that before finalisingthe strategy for third-party dis-closure, affected groups and tax-payers will be advised of thenew requirements.
“Subsequent to the discussionwith stakeholders, formal
requests for the data will besent,” the tax agency said.
THE SUNDAY GLEANER, JANUARY 12, 2014 C3| BUSINESS
sources were quite as forth-coming as Seiveright.
An official connected tothe Ministry of Agriculture’scommodity boards said hehad “no interest” in consid-ering any aspect of the mari-juana trade in Jamaica, norhow the development inColorado could affect theindustry here.
The commodity boardsare only concerned with thelegal stimulants of coffeeand cocoa, as well as withcoconuts and spices such aspimento – no herbs.
Ganja in Jamaica is usu-ally sold in small quanti-ties for $100 per purchase,which is enough to makethree ‘spliffs’ or cigarettes,authoritative sources toldSunday Business.
The cost per pound is$7,000 to $8,000 (US$66 toUS$75), though the price“depends on potency”.
Under Colorado’s newlaw, marijuana can be soldlike alcohol, with residentsable to buy up to one ounce,and non-residents a quarterof an ounce.
The sale of the drug istaxed in the same way asalcohol, and state officialshave said they expect toraise hundreds of millions inrevenue from the businessactivity.
The levy comprises a 15per cent excise tax and a 10per cent sales tax. The firstUS$40m to be earned fromtaxation is to be used forschool construction, accord-ing to The Denver Post,from Colorado.
More than 130 businessesin Colorado applied for thelicence to sell cannabis,mainly in the capital ofDenver, according to theBBC. The state has a popu-
lation of about twice thesize of Jamaica, with 5.2million people, and Denverhas a population of about630,000.
In Colorado, although mar-ijuana is now legal for bothmedicinal and recreationaluse, there can be a large pricedifferential between the two.A one-eighth ounce of a mar-ijuana product, called ‘GirlScout Cookies’, recently soldfor US$50 plus US$14.25 intaxes, for a total ofUS$64.25, according to spe-cialist magazine High Times.But if bought with a prescrip-tion the cost would be halved.
PRICE CONTROLUruguay, where the state
has legalised the drug andtaken control of the mar-ket, has set the price ofmarijuana at around US$1per gram. That translates toabout US$28 per ounce.
The South Americancountry is weighing exportsof the drug to LatinAmerican markets, forcingnew conversation on drugpolicies inside some ofthose countries.
Medical marijuana is cur-rently legal in 20 US states,and at least three more aremoving towards legalisa-tion, said Seiveright,including New York, Alaskaand Florida.
In Europe, the CzechRepublic, The Netherlands,Spain and Portugal havelegalised the herb to someextent.
Closer to home, CostaRica and Puerto Rico are the“next places to watch”, saidthe ganja coalition director.
Inside Jamaica, ganjafarmers plan to launch theirown association at theUniversity of the West Indieslater this month.
GK gives AndreaCoy new assignmentANDREA COY, who was tapped
almost two years ago to run Hardware& Lumber Limited (H&L), is on the
move again inside the GraceKennedy Group.Coy will be giving up her hard hat at a
time when H&L has regained solid footingin the market and is again generating posi-tive returns for GraceKennedy.
H&L Chairman Erwin Burton, inannouncing senior management changes onFriday, said Coy will take up the position ofSenior General Manager, Global CategoryManagement in the GK Foods Division ofGraceKennedy Limited, effective March 1.
Donna Doran, the current H&L chieffinancial officer, will assume the position ofacting CEO at the same date, while financialaccountant Jonathan Ruddock will act asCFO.
“Mrs Coy has done a tremendous job atH&L. She worked in tandem with the teamto effect very positive changes,” saidBurton.
Coy was appointed CEO of the businessback in April 2012. H&L’s current yearendresults are pending, but its nine-monthreport to September 2013 recorded profit ofabout $90 million, or $1.11 per share. Thatcompares to one cent per share in the com-parative 2012 period.
Revenues have surpassed $6 billion annu-ally under her management.
With a background in auditing andfinance, Coy has become known as some-thing of a change-management specialistwithin GraceKennedy.
She is now expected to help position theconglomerate as a global consumer group.
“Mrs Coy has done a tremendous jobwith H&L and has focused on not only thegrowth of the business but also on thestrengthening of the management team ofthe company,” said group CEO DonWehby.
“We know her experience will serve uswell as we seek to attain our goal of becom-ing a global consumer group,” he said.
Coy first joined the group in April 2005as financial controller for supermarket chainHi-Lo Food Stores.
DORAN TAKES BATONBurton said Doran, who will take Coy’s
place at H&L in the interim, has been “veryinstrumental in the determination and imple-mentation of the strategies that accountedfor H&L’s turnaround”.
Prior to joining the team at H&L in May2012, Doran worked in finance at RedStripe Jamaica for 12 years.
“While there, she received recognition forsuccessful SAP implementation andupgrades, as well as improving organisa-tional capability,” GK said.
Doran also worked at the state-run UrbanDevelopment Corporation as deputy generalmanager in charge of finance, treasury andinvestments for approximately 18 months.
Ruddock is a veteran of the group, havingspent 13 years with Grace Food Processorsand four years with GraceKennedy’s CentralFinance Unit as accountant. He was trans-ferred to H&L as financial accountant in2010.
TAJ sets April date for informationdisclosure requirements
JERMAINE BARNABY/STAFF PHOTOGRAPHER
Andrea Coy, CEO of Hardware andLumber Limited.
GANJACONTINUED FROM C1
