The Government is reiterating that in order to maintain the targeted wage to gross domestic product (GDP) ratio and remain fiscally responsible, it is unable to accede to the requests of the nation’s teachers. “Our teachers have asked for an increase of $60,000 per annum in the book and software allowance. If this is granted, it would cost $1.7 billion,”...

Net revenue inflows from Self-Financing Public Bodies (SFPBs) to the Government for fiscal year 2018/19 are projected at approximately $57.3 billion. This is outlined in the 2018/19 Fiscal Policy Paper, which was tabled in the House of Representatives recently by Finance and the Public Service Minister, Hon. Audley Shaw. The document indicates that SFPB inflows will include Special Consumption Tax...

The Government will continue implementation of key policy, administrative and legislative reforms during the 2018/19 fiscal year, to supplement measures already instituted under its Revenue Strategy. The strategy focuses on building an efficient and equitable tax system that supports macroeconomic stability and facilitates a competitive business environment to undergird economic growth and development, thereby ensuring that the Administration’s policies and...

Minister of Finance and the Public Service, Hon. Audley Shaw, tabled the Second Supplementary Estimates of Expenditure for the 2017/18 financial year, in the House of Representatives on Tuesday (March 13). The figures show that the Budget has been revised upwards from $805.4 billion to $815.2 billion, an increase of $9.78 billion. The Estimates show an increase in the Recurrent...

The Betting, Gaming and Lotteries Commission (BGLC) will be staging a series of town hall meetings across the country beginning Monday (March 12) in an effort to connect with its gaming stakeholders. The meetings are intended to be an avenue for the commission to share updates on developments and to discuss matters of concern to players in Jamaica’s gaming industry....

Several business leaders have welcomed the Government’s decision not to implement new revenue measures to fund the 2018/19 Budget, which amounts to $773.6 billion. Finance and Public Service Minister, Hon. Audley Shaw, in opening the Budget Debate on March 8, indicated that Government expenditure for the fiscal year will be primarily financed from the existing tax and non-tax revenue and...

Finance and Public Service Minister, Hon. Audley Shaw, says he does not anticipate any challenge to Jamaica meeting future International Monetary Fund (IMF) targets consequent on the Government’s decision not to introduce new revenue measures to fund the 2018/19 Budget. “Not at all. We are going to focus on areas of compliance across the major tax types – at Tax...

Finance and Public Service Minister, Hon. Audley Shaw, says the Government is committed to implementing a time-bound action plan to stop the predatory charges and fees by financial institutions. He said the plan will include a review of the Banking Services Act and entrenchment of the Bank of Jamaica Code of Conduct for deposit-taking institutions, which was introduced in September...

Minister of Finance and the Public Service, Hon. Audley  Shaw, says the budget for fiscal year 2018/2019 is designed to achieve the targets entrenched in the fiscal rules and is within the context of the Precautionary Stand-by Arrangement (SBA) with the International Monetary Fund (IMF). “Importantly, this new budget will be the last full year under the Standby Agreement with...