Head of the International Monetary Fund (IMF) Staff Mission Team to Jamaica, Dr. Uma Ramakrishnan, has welcomed the Government’s implementation of the amended personal income tax threshold, describing it as a “bold step” in restructuring the revenue regime. Phased implementation of the new regime, which commences on July 1, will see the threshold increase to $1.5 million by the start...

Experts at the Ministry of Finance and the Public Service have indicated strong support for the benefits of the tax reform initiative announced by Portfolio Minister, Hon. Audley Shaw, on May 12. Opening the 2016/17 Budget Debate in the House, Mr. Shaw said the income tax threshold for all Pay As You Earn (PAYE) workers will be increased from $592,800...

The National Water Commission (NWC) is to spend $8.7 billion this fiscal year to improve the supply of potable water and rehabilitate sewage treatment facilities across the island. Minister of Finance and the Public Service, Hon. Audley Shaw, made the disclosure as he opened the 2016/17 Budget Debate in the House of Representatives on Thursday (May 12) under the theme:...

Minister of Finance and the Public Service, Hon. Audley Shaw, says the National Housing Trust (NHT) is expected to spend $23.6 billion on housing and other capital expenditure this year. He said the Trust will provide a mix of houses and residential lots in 42 developments across 11 parishes and is projecting to write new mortgages totalling approximately $16 billion....

Minister of Finance and the Public Service, Hon. Audley Shaw, has indicated that the focus this financial year is on adopting strategies geared towards achieving the primary surplus target of seven per cent of Gross Domestic Product (GDP). He said the figure represents the operational instrument being utilised to attain a Public Debt/GDP ratio of 96 per cent by the...

A commitment to protect the most vulnerable in the society has been given by Finance and Public Service Minister, Hon. Audley Shaw. Opening the 2016/17 Budget Debate in the House, yesterday (May 12), the Minister said an allocation of $28.6 billion has been provided, up from $27.1 billion in 2015/2016, to ensure that the budget for social programmes is maintained....

The 2016/17 budget of $579.9 billion is to be financed through a mix of revenue, grants, loans and inflows from the PetroCaribe Development Fund. This was revealed by Minister of Finance and Public Service, Hon. Audley Shaw, when he opened the Budget Debate in the House, yesterday (May 12), under the theme: ‘Partnership for Economic Growth’. Revenue and grant inflows for...

A Government team is monitoring the United States-based mining entity, Noranda Aluminum Holding Corporation (NAHC), that filed for bankruptcy earlier this year. NAHC is the parent company of St. Ann-based Noranda Bauxite Limited (NBL), which is part owned by the Government. Transport and Mining Minister, Hon. Mike Henry, gave details of the move, in response to questions from Opposition Spokesman...

The Government is to construct a banana and plantain processing plant at the All Island Banana Growers Association’s (AIBGA) premises at Trinity in St. Mary. Some $143 million has been provided in the 2016/17 Estimates of Expenditure for the facility and other activities under the Jamaica Banana Accompanying Measures (JBAMS) project. Implemented in October 2013, the project aims to combat...