$10 Million for Competitiveness Project

The Jamaica Competitiveness Enhancement Programme has received $10 million in the 2013/14 Estimates of Expenditure, which is now before the House of Representatives.

The programme is being implemented by the Planning Institute of Jamaica (PIOJ) and is being funded by the Government of Jamaica and the Inter-American Development Bank (IDB).

It aims to facilitate economic growth by improving the competitiveness environment in Jamaica, through the promotion of specific reforms to reduce the cost of doing business, thereby improving efficiency and the ability of businesses to compete in an increasingly global marketplace.

Physical achievements up to February 2013 include: Phase II amalgamation of payroll taxes (Development of Consolidated Annual Return form); tax reform; land and titling reform; implementation of Phase II growth inducement strategy; and 70 per cent completion of the secured transactions legislative process.

Anticipated targets for 2013/14 include: continued implementation of growth inducement strategy; reducing distortions in the current tax system; strengthening of tax policy and simplification of tax administration; reform of the secured transactions framework; and strengthening land property rights, inclusive of probate and land transfer reform, and the development of a strategy to optimise revenue yield from public lands.

The programme, which started in April 2008, is scheduled to be completed in March 2014.

By Latonya Linton, JIS Reporter