Government is working to conclude by June 2014, arrangements regarding the registration and certification procedures for businesses that will access the Productive Input Relief (PIR) component of the new Omnibus Tax Incentive regime. Under this aspect of the regime, provision is made for a reduction of the tax related cost of productivity inputs by providing tax relief on imported operating...

Effective January 1, 2015, the threshold on Personal Income Tax will be increased by $49,920 from the present value of $507,312 to $557,232. This was announced by Minister of Finance and Planning, Dr. the Hon. Peter Phillips, as he opened the 2014/15 Budget Debate in the House of Representatives on April 18. The Minister noted that this will result in an additional 13,000 persons being removed from...

The Government has proposed new revenue measures expected to raise the $6.7 billion needed to fully finance the 2014/15 budget. This was disclosed by Minister of Finance and Planning, Dr. the Hon. Peter Phillips, as he opened the 2014/15 Budget Debate in the House of Representatives on  April 17. He noted that the $540.1 billion budget is being funded from projected revenues and grants of $421.2 billion, leaving a financing gap of $118.9 billion. “This...

Legislation has been prepared and consultations underway to improve the public procurement process, Minister of Finance and Planning, Dr. the Hon. Peter Phillips, has pointed out. Opening the 2014/15 Budget Debate in the House of Representatives on April 18, the Minister explained that this is part of the Government’s commitment to improving its internal operations. He also informed that there...

Establishing a One Stop Shop for import/export inspection at the Montego Bay ports is among initiatives to be introduced by Government to cut red tape and improve the ease of doing business in the country. This will bring together all regulatory agencies involved in the inspection process to a single location, so that all associated transactions occur in one place. One such facility is already operating at...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, has emphasized the need to continue the process of fiscal consolidation as a strategy going forward. He also noted that essential structural reforms will have to be pursued, that will lock-in the current gains of fiscal consolidation over the long term, and create an environment that facilitates investment, protects and strengthens the foundation of the financial system, and facilitates improved levels of...

​Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says there has been a significant improvement in the level of collections by the Students’ Loan Bureau (SLB). ​Opening the 2014/15 Budget Debate in the House of Representatives on April 17, Minister Phillips informed that there has been a marked improvement in the number of borrowers willing to meet their...