The Department of Cooperatives and Friendly Societies (DCFS) is encouraging all charities to keep good financial records to ensure smooth transition when they are to be re-registered. Following the passage of the Omnibus legislation in December, the Government mandated the DCFS as the authority to oversee the activities of all charities. In the past, the Department was responsible for regulating...

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...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says the country will continue to use a market determined exchange rate. “The Bank of Jamaica remains prepared to intervene in this market in order to reduce and eliminate those who would want to speculate on the exchange rate or disrupt the stability of the market,” he said, adding that the country’s nominal exchange rate does...

Recognising the critical role which the public sector must play in the development and growth of the economy, the Government has placed priority on its transformation, particularly its accessibility, convenience, ease of use, and responsiveness. ​“To transform the public sector, you have to make it more responsive to the service that it gives to the public. We have the skills in the service, and we must get...

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...