Jamaica scraps bank withdrawal tax

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. The Jamaican economy was already struggling before the global financial crisis, which has exacerbated the country's problems. According to the World Bank, poverty levels rose from 10 per cent to 17 per cent between 2007 and 2010, while unemployment has reached 15 per cent, according to a news agency.