Bank of Jamaica (BOJ) Governor, Richard Byles, says the economy is projected to contract by between seven and 10 per cent during the 2020/21 fiscal year, as a result of the impact of the coronavirus (COVID-19). Speaking at the Central Bank’s digital quarterly press briefing on Wednesday (August 26), the Governor pointed out that this is a revision of the...

Tax Administration Jamaica (TAJ) wishes to advise the public that effective today, Monday August 24, 2020 its business hours have been adjusted in response to the revised nightly curfew time of 7:00p.m. in the parishes of Kingston and St. Andrew, St. Catherine, Clarendon and St. Thomas, announced by the Prime Minister last week. Effective today Monday August 24, 2020 all...

Tax Administration Jamaica (TAJ) wishes to advise the public that its Kingston Revenue Service Centre at King Street will reopen for regular business on Monday August 24, 2020. The Corporate Head Office at East Street will however remain closed on Monday August 24, 2020 due to the unforeseen rescheduling of the Ministry of Health and Wellness supervised deep cleaning and...

The Jamaica Customs Agency (JCA) is advising importers that starting Monday, August 24, 2020, that all applications for refunds must be submitted online at: www.jacustoms.gov.jm.  Previously, applicants were required to manually submit a letter to the Collector of Customs, detailing the circumstances for requesting the refund. Importers are also being reminded that all applications must be made within two years...

A total of 11 deposit taking institutions (DTIs), with assets valued $1,809.5 billion, were under the Bank of Jamaica’s (BOJ) supervision at the end of the 2019 calendar year. This is according to the Planning Institute of Jamaica’s (PIOJ) Economic and Social Survey for the period. The document indicates that the value of the assets at the institutions, comprising commercial...

The maximum payout to depositors, in prescribed circumstances pursuant to Section 18 (1) of the Deposit Insurance Act (DIA) was increased from J$600,000.00 to J$1,200,000.00. The increase which is effected through a Ministerial Order has been approved by both Houses of Parliament. The increase will take effect August 31, 2020, after publication in the Gazette. At this threshold, approximately 97...

Tax Administration Jamaica wishes to advise the public that several reports have been received that persons, including some who recently travelled from overseas, who should be in quarantine have been violating the orders and visiting the Tax Offices to conduct business. The Tax Authority, after consultation with the Jamaica Constabulary Force and Ministry of Health and Wellness has implemented a...