Tax Administration Jamaica (TAJ) wishes to advise that on January 1, 2015 an increase in the Income Tax threshold will take effect. The new threshold or tax-free income will move to $557,232 per annum, up from $507,312 per annum. The increase in the threshold means that the corresponding tax-free portion to be used by employers in making periodic payments is...

Financial Secretary in the Ministry of Finance and Planning, Devon Rowe, says implementation of the Economic Reform Programme (ERP) is expected to provide the Government with the additional resources needed to undertake targeted responsibilities. “To the extent that we are able to bring the fiscal arrangements under control, it provides the Government with more resources to do those things that...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, has cited the need for a “new agenda” of support for Jamaica and other Caribbean states by key international stakeholders. This, he says, to effectively address vulnerabilities related to climate change and significant debt, which regional territories currently experience. He underscored these points while addressing a private sector luncheon held at...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says the Government will be pushing for even greater levels of economic growth in 2015. “Last year, for the calendar year, we had about 0.2 per cent of growth…this year, the level of growth is about five times that. We want to ensure that next year, we can speak to...

Inter-American Development Bank (IDB) President, Luis Alberto Moreno, has pledged the institution’s commitment to working with the Government to achieve sustainable, long-term, high economic growth for Jamaica. This, through the implementation of the country’s Economic Reform Programme (ERP), which is supported by an International Monetary Fund (IMF) four-year Extended Fund Facility (EFF). “Jamaica has been (occupying) the low end of...

The Executive Board of the International Monetary Fund (IMF) today (December 19) approved disbursement of US$67 million for Jamaica. The development follows a successful sixth review of the country’s economic performance under the four-year Extended Fund Facility (EFF). The completion of the sixth review follows the November 5 to 11 visit to Jamaica by the IMF mission team, which said Jamaica’s...

Prime Minister Portia Simpson Miller today (December 19) broke ground for the construction of a new permanent country office for the Inter-American Development Bank (IDB) in Kingston, Jamaica. The Prime Minister was joined by President of the IDB, Luis Alberto Moreno, IDB Country Representative, Therese Turner-Jones and Minister of Finance and Planning, Dr. Peter Phillips in the symbolic ground breaking...