The Government is reporting that the primary surplus out-turn for the 2016/17 fiscal year surpassed the target by $12.8 billion. State Minister for Finance and the Public Service, Hon. Fayval Williams, says the figure stood at $135.9 billion, which was 0.7 per cent above the minimum seven per cent target for the period. She was making her contribution to the...

State Minister for Finance and the Public Service, Hon. Fayval Williams, says as at the end of March 2017, the country’s Debt to Gross Domestic Product (GDP) ratio was at 115 per cent. “Looking forward, the projection is for the Debt/GDP ratio to be at 108.6 per cent at the end of this fiscal year 2017/18 and at 89.5 per...

State Minister for Finance and the Public Service, Hon. Fayval Williams, says the Government’s implementation of the $1.5-million personal income tax threshold represents more than a policy shift from direct to indirect taxation. “The shift is simply the ‘how’. The ‘why’ is our belief that personal income tax reform can improve the lives of Jamaicans,” she said. Mrs. Williams was...

The Economic Growth Council (EGC) is reporting that the Government has met or is on track with 13 of that body’s 18 targets for March. Notable among these, EGC Chairman, Michael Lee-Chin says, is the tabling of legislation to establish the Major Organised Crime and Anti-Corruption Agency (MOCA) as an independent national law-enforcement body, as also the Bill to merge...

Two hundred new businesses are to benefit from $26 billion in support by the Development Bank of Jamaica (DBJ) this fiscal year. This was disclosed by Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Daryl Vaz, who said this support is in addition to an anticipated $7 billion in loan approvals. The Minister was making...

Secondary Students are being encouraged to participate in the Caribbean Organisation of Tax Administrators (COTA)/Tax Administration Jamaica, Fifth Regional Essay Competition. It is open to students between the ages of 14 and 15 years, who are required to construct an essay around the topic ‘If I were the Head of my Country’s Tax Administration, what would I do to increase...

Two pieces of legislation giving legal authority to the Government to impose the new rates of property taxes, as well as validate the collection of property taxes from April 1, 2013, were approved by the Senate on April 21. The Bills, the Property Tax (Amendment) No. 2 Act, 2017 and the Property Tax (Validation and Indemnification) Act, 2017, were piloted...