Tax Administration Jamaica (TAJ) is advising that after careful consideration, withholding tax on specified services will now be implemented on June 1, 2015. The new legislation will be introduced on a phased basis.  At this time only Government Ministries, Departments and Agencies, as well as financial institutions regulated by the FSC and BOJ, tourism operators, utility and cable companies, grossing...

Head of the Department of Economics, University of West Indies (UWI), Mona, St. Andrew, Dr. Damien King, says no fall-out is anticipated from Jamaica’s four-year Extended Fund Facility (EFF), despite the country recording a budgetary primary surplus shortfall for the 2014/15 fiscal year. Set a target of $121.3 billion for the end of the March 2015 quarter, Jamaica registered $117.2...

Finance and Planning Minister, Dr. the Hon. Peter Phillips leads a Jamaican delegation to Canada to further deepen the trade, financial and investment relationship between the two countries.  The talks with authorities at both the ministerial and parliamentary levels in the Canadian government will be focused on ways of assisting Jamaica’s efforts in addressing its debt servicing and external financing...

Tax Administration Jamaica (TAJ) is attributing the increase in property tax collections last fiscal year to more collaboration with its partners. Director of Communications at the TAJ, Meris Haughton, said this is one area in which the authorities work to seek to increase compliance for the payment of property tax, which is due on April 1 of each year. For...

A mission from the International Monetary Fund (IMF) is currently in Jamaica to conduct the 8threview of Jamaica’s performance under the Extended Fund Facility (EFF).  The IMF Staff’s Review will include meetings with Finance and Planning Minister, Dr. Peter Phillips; the Financial Secretary, Mr Devon Rowe; and the Governor of the Bank of Jamaica, Mr Brian Wynter. The IMF team...

Minister without Portfolio in the Ministry of Finance and Planning, Hon. Horace Dalley, says the Government will be working with Jamaicans for Justice (JFJ) to restore the organisation’s charity status. The human rights group had lost its charity status after not meeting certain requirements under the Charities Act in its application to the Department of Cooperatives and Friendly Societies. Speaking...

With more than 30 per cent of Jamaicans said to be “unbanked,” Chairman of the Financial Services Commission (FSC), Colin Bullock, is calling for greater financial inclusion for all citizens as a key ingredient in fostering growth and national development. Financial inclusion refers to access to affordable financial services such as credit, insurance and saving, particularly for disadvantaged and low-income...