Tax Administration Jamaica (TAJ) is advising the public that its system has been reconfigured to accommodate the revised Form IT02 - Return of Income and Tax Payable - [ORGANISATIONS (BODIES CORPORATE)] and the accompanying Schedules 4 & 7. The revised Return comes as changes were made to facilitate a legislative amendment, primarily the introduction of the Corporate Tax Credit which...

The Consumer Affairs Commission (CAC) has secured $12.1 million in refunds and compensation on behalf of aggrieved consumers who transacted business with product and service providers between April 1, 2020, and January 31, 2021. Speaking at a virtual forum on February 26, under the theme: #JamaicaConsumerTalks, Chairman of the CAC, Donovan White, revealed that the Commission handled 1,470 complaints during...

In light of the ongoing COVID-19 pandemic, effective Friday, 12 February 2020, Bank of Jamaica temporarily suspended the offering of over the counter teller services to the public. Further to this temporary closure, Bank of Jamaica now wishes to advise that effective today, Wednesday, 24 February 2021, Nethersole Place will be open to the public. In this regard, the Bank...

Approximately $1.13 billion has been earmarked to continue the Strategic Public Sector Transformation Project’s implementation by the Ministry of Finance and the Public Service, during fiscal year 2021/22. The allocation is contained in the 2021/22 Estimates of Expenditure, now before the House of Representatives. The Project, which commenced in 2014, is divided into five components and aims to strengthen public...

Bank of Jamaica (BOJ) Governor, Richard Byles, says plans are advanced to develop and implement the use of a Central Bank Digital Currency (CBDC) locally. Speaking during the BOJ’s digital quarterly briefing on Friday (February 19), Mr. Byles said that over the last couple months, the Bank undertook the requisite preliminary work relating to assessments and protocols for approval of...

Bank of Jamaica (BOJ) Governor, Richard Byles, says Jamaica’s net international reserves (NIR), totalling just under US$3 billion as at February 16, should be “quite adequate” to see the country through the coronavirus (COVID-19) pandemic crisis. Speaking during the BOJ’s digital quarterly briefing on Friday (February 19), Mr. Byles said that notwithstanding the fallout in tourism earnings due to a...

The Government has budgeted $2.09 billion to continue the Public Sector Transformation Implementation Project during the upcoming fiscal year. This sum is contained in the 2021/22 Estimates of Expenditure, which were tabled in the House of Representatives on February 18. The project, which runs from January 2018 to January 2024, aims to improve public service delivery by enhancing the quality...