The Government is conducting a forensic review of state agencies which have significant financial surpluses in accounts, totalling nearly $200 billion, with a view to incorporating these in the Administration’s central operations. Speaking at a post-Budget media briefing, today (March 13), at his National Heroes Circle offices in Kingston, Finance and the Public Service Minister, Hon. Audley Shaw, said the...

The Government will be moving to categorise public bodies to facilitate more focused oversight and monitoring, in a principle-based approach to the new policy of rationalisation. Minister of Finance and the Public Service, Hon. Audley Shaw, said the Government will be conducting further rationalisation based on the need for the entity and its function and according to the best modality...

Minister of Finance and the Public Service, Hon. Audley Shaw, has announced that a new property tax regime will be adopted starting April 1. Opening the 2017/18 Budget Debate in the House of Representatives on March 9, Mr. Shaw informed that as of April 1, property tax liabilities will be based on the adoption of the 2013 valuation roll. “In...

The report from the Financial Sector Adjustment Company (FINSAC) Commission of Enquiry into the collapse of the financial sector is expected to be completed within the next six months. Minister of Finance and the Public Service, Hon. Audley Shaw, made the disclosure while opening the 2017/18 Budget Debate in the House of Representatives on Thursday (March 9). The Minister, earlier...

Finance and the Public Service Minister, Hon. Audley Shaw, says the Government is making banking services more accessible to Jamaicans. This is through approval of the Banking Services (Deposit Taking Institutions) (Agent Banking) Regulations in the House of Representatives last year, which allows third-party locations to offer services such as withdrawals, payment of bills and loans, and electronic transfers of...

Effective April 1, 2017, the personal income tax threshold will be increased from $1 million to $1.5 million. Minister of Finance and the Public Service, Hon. Audley Shaw, made the announcement as he opened the 2017/18 Budget Debate in the House of Representatives on March 9. Mr. Shaw said currently, there are 469,131 Jamaicans who are on the Pay As...

Minister of Finance and the Public Service, Hon. Audley Shaw, has outlined new revenue measures to raise $13.5 billion to finance the 2017/18 Budget. This includes an increase in the Special Consumption Tax (SCT) on fuel to range from $0.43 to $7.36 per litre. This measure is expected to earn $7.5 billion and will take effect at the pumps as...