The framework facilitating oversight of Jamaica’s financial sector by the Financial Regulatory Committee (FRC), will be further strengthened through a memorandum of understanding (MOU) that has been established. Finance and the Public Service Minister, Hon. Audley Shaw, has endorsed the MOU, which was signed by representatives of member agencies comprising the FRC, at the Bank of Jamaica (BOJ), downtown Kingston,...

The Second Supplementary Estimates for the 2017/18 financial year, which reflect an increase of $9.78 billion, was approved by the House of Representatives on Wednesday (March 14). The figures show that the Budget has been revised upwards from $805.4 billion to $815.3 billion. The Estimates show an increase in the Recurrent (housekeeping) expenses from $515.4 billion to $523.8 billion, while...

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....