Each year, the Government publishes information on unclaimed balances in financial institutions for people to come forward to retrieve these sums. Sums that remain unclaimed after such publication are turned over to the Government. According to the Banking Services Act, 2015, unclaimed balances refer to monies that remain dormant in the possession or control of a banking institution for a...

Minister of Finance and the Public Service, Hon. Audley Shaw, says lending rates by banks on new loans as at December 2016 were trending down. Closing the 2017/18 Budget Debate in the House of Representatives on March 22, the Minister pointed out that interest rates on new loans for large projects are now at 10.23 per cent, compared with 13...

Finance and the Public Service Minister, Hon. Audley Shaw, says since taking office, the Government has significantly increased its support for the poor and vulnerable. Closing the 2017/18 Budget Debate in the House of Representatives on March 22, Mr. Shaw said his views are supported by the Caribbean Policy Research Institute (CAPRI), a well-respected Think Tank. “The protection of the...

Opposition Senator, K.D. Knight, has suggested that the proposed application period for the setting aside of awards as a means of recourse in arbitral proceedings, should be extended to six months. A period of three months is set out in the Arbitration Act, 2017, which is currently being reviewed by the Upper House. The legislation seeks to facilitate domestic and...

Legislation was passed in the House of Representatives on March 16 giving legal authority to the Government to collect taxes imposed on certain telephone calls since 2012. The Bills, the Telephone Calls Tax Act, 2017 and the Telephone Calls Tax (Validation and Indemnification) Act, 2017, were piloted by Minister of Finance and the Public Service, Hon. Audley Shaw. The Minister...

Minister of Finance and the Public Service, Hon. Audley Shaw, is urging commercial banks to find innovative ways to improve access to financing in order to aid in advancing the country’s growth agenda. He said this should include “taking firm and decisive steps” to provide low-interest loans to micro, small and medium-sized enterprises (MSMEs) in the productive sector of the...

The Central Treasury Management System (CTMS) is helping to improve efficiency in the public sector. A technology-driven set of procedures that transfer the responsibility for managing Government’s cash resources to one central operation, the CTMS was introduced to replace and improve the existing cash and treasury management systems in Government. The system began operating in November 2012 on a pilot...