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Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, addressing the recent Insurance Association of Jamaica (IAJ) semi-virtual microinsurance conference at The Jamaica Pegasus hotel in New Kingston. The event was held under the theme ‘Microinsurance – The Jamaican Perspective’.

Economic Recovery Gathering Pace – Minister Clarke

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says recovery from the ravages of the coronavirus (COVID-19) pandemic is gathering pace, as evidenced by the recent positive economic indicators. He cited, among other things, the 14.2...

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Cross Roads Tax Office will not be open Monday, November 1

Minister of Finance and the Public Service, Dr. the Hon Nigel Clarke (centre), and Jamaica Confederation of Trade Unions (JCTU) President and Jamaica Association of Local Government Officers (JALGO) General Secretary, Helene Davis Whyte (fourth left), display the signed the 2021/22 Heads of Agreement for wage increases for public sector workers represented by JCTU member unions. The signing was held at the Ministry offices in Kingston, on Friday (October 29). Others (from left) are Union of Schools, Agricultural and Allied Workers (USAAW) General Secretary, Keith Comrie; University and Allied Workers (UAWU) Vice President, Clifton Grant; National Workers Union (NWU) General Secretary, Granville Valentine; State Minister in the Ministry of Finance, Hon. Marsha Smith; Financial Secretary, Darlene Morrison; Bustamante Industrial Trade Union (BITU) President, Kavan Gayle; and Trade Union Congress (TUC) General Secretary, Barrington Dawes .

Gov’t Confident About Implementing Public Sector Compensation Review

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, addressing the Insurance Association of Jamaica (IAJ) semi-virtual microinsurance conference at the Jamaica Pegasus Hotel in New Kingston, on Wednesday (October 27). The event was held under the theme ‘Microinsurance – The Jamaican Perspective’.

Government To Prioritise More Policies To Facilitate A More Inclusive Economy

Executive Director, Transformation Implementation Unit (TIU), Maria Thompson Walters, addresses a Jamaica Information Service (JIS) ‘Think Tank’, at the agency’s head office in Kingston on Thursday, October 28, 2021.

Shared Corporate Services Impacting Government Positively

The House of Representatives began debate on the International Corporate and Trust Services Providers (Change of Name and Amendment) Act, 2021, on Wednesday (October 27).
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, said the Bill seeks to amend the International Corporate and Trust Services Providers Act (the Principal Act), which was passed and assented to on August 18, 2017 and awaits an appointed day.
The Principal Act seeks to regulate international trust and corporate service providers to prevent the misuse of these business arrangements as vehicles for illicit ends, such as money laundering and terrorism financing.
“The Bill aims to remove the distinction in treatment between the domestic and international service providers by bringing domestic services providers under the ambit of the legislation and to strengthen the provisions of the Principal Act,” Dr. Clarke said.
He noted that the Principal Act sought to regulate providers of international trust and corporate services and applies to individuals, firms and companies that engage in the business of providing international services.
“However, whilst the Act awaited the development and promulgation of regulations, it was recognised that there was a need to include domestic corporate and trust providers into the regulatory ambit of the Act, because to maintain any distinction in treatment between the domestic and international service providers would run afoul of the requirements and standards of the Financial Action Task Force (FATF) requirements,” Dr. Clarke said.

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“Importantly, this was amongst the deficiencies cited in Jamaica’s anti-money laundering countering of terrorism financing supervisory regime and contributed to Jamaica’s inclusion in the current FATF grey list issued on February 21, 2020, as a jurisdiction subject to increased monitoring,” he added.
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The Minister said the amendment to the Act is critical to redeeming Jamaica’s standing and forms part of the suite of actions that are required for the country’s removal from any of those listings by FATF.
Debate on the Bill was suspended and will continue during another sitting of the House of Representatives.

5 years ago Finance & Public ServiceParliament

Debate Begins on Bill To Regulate International Trust And Corporate Service Providers

The House of Representatives began debate on the International Corporate and Trust Services Providers (Change of Name and Amendment) Act, 2021, on Wednesday (October 27). Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, said the Bill seeks to amend the International Corporate and Trust Services Providers Act (the Principal Act), which was passed and assented to...

5 years ago Finance & Public Service

Insurance Soon To Be A Reality For Informal And Small Businesses

Work is advanced on the proposed Microinsurance Bill, which is expected to be tabled in Parliament before the end of the 2021/22 fiscal year, on March 31, 2022. This was disclosed by Minister of Finance and the Public Services Dr. the Hon, Nigel Clarke, who said he anticipates the legislation’s passage during the 2022/23 fiscal year, which starts on April...

Programme Director, Planning Institute of Jamaica (PIOJ) Community Renewal Programme, Charles Clayton, makes a point during a Jamaica Information Service (JIS) Think Tank at the agency’s head office in Kingston on Wednesday (October 27).

5 years ago Finance & Public Service

Persons Invited To Register For PIOJ Symposium On Best Practices For Social And Community Renewal

Persons who work or have interest in the field of development and community interventions are being invited to register for the Symposium on Best Practices for Social and Community Renewal scheduled for Wednesday (November 10) at 9:00 a.m. The event, being held under the theme ‘Linking the Pieces: A Holistic Approach to Community Renewal’, is hosted by the Planning Institute...

: Minister of State in the Ministry of Finance and Public Service, Hon. Marsha Smith.

5 years ago Finance & Public ServiceTechnology

More Jamaicans Encouraged To Do Digital Banking

More Jamaicans are being encouraged to become a part of the formal banking system by reaping the rewards available through digital banking. The call came from the Ministry of Finance and the Public Service at the second staging of their virtual Wealth Summit on Wednesday (October 20), with a focus on Digital Financial Inclusion. Delivering opening remarks at the event,...

5 years ago Finance & Public Service

TAJ to Host Vaccination Blitz at Spanish Town And Portmore Tax Offices

Tax Administration Jamaica (TAJ) will continue its national vaccination drive at the Spanish Town and Portmore Tax Offices where they will host a three-day vaccination drive from October 28 – October 30, 2021. The blitz activity is scheduled to take place at the Spanish Town Tax Office on Thursday, October 28 and Friday, October 29, 2021 beginning at 8:30am and...

5 years ago Finance & Public Service

Business Operations this Saturday for Select Tax Offices

Tax Administration Jamaica (TAJ) is reminding the public that it will open select Tax Offices this Saturday October 30, 2021, and every last Saturday of the month for the remainder of the 2021/22 financial year, subject to any announcements by the government on Covid containment measures. The Tax Authority is reporting collections of over $244M, which translates to approximately 19,000...

5 years ago Finance & Public Service

Consumption Taxes for September Due Friday October 29

Tax Administration Jamaica (TAJ) is reminding business persons that Consumption Taxes for the month of September are due on Friday October 29, 2021, to include GCT, SCT, TCT and GART. This is in keeping with the requirement for these taxpayers to make their monthly Consumption Tax Returns and payments on the last working day of the month, after the end...