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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...

For the quarter ending December 31, 2014, tourism grew at a rate of 6 per cent, even though a number of rooms were out of service. Minister of Finance and Planning, Dr. the Hon. Peter Phillips, made the announcement as he opened the 2014/15 Budget Debate in the House of Representatives on Thursday, April 17. He also informed that the tourism sector will see a lot of new rooms...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips has expressed confidence that the growth which the country has had for three consecutive quarters, will continue. Opening the 2014/15 Budget Debate in the House of Representatives on Thursday,April 17, he noted that during the July to September 2013 quarter, the economy recorded modest growth of 0.5 per cent following a period of economic contraction, which began...

The country’s Net International Reserves (NIR), as at the end of March 2014 is now at US$1.3 billion, putting the country in a better position to withstand external shocks. ​Minister of Finance and Planning, Dr. the Hon. Peter Phillips made the disclosure,as he opened the 2014/15 Budget Debate in the House of Representatives on Thursday, April 17, noting that the NIR have grown over 40 per cent. The NIR represents contingency...

More than $8 billion or approximately 23 per cent of the Capital Budget has been reserved for infrastructural works to be carried out through the Ministry of Transport,Works and Housing, during this fiscal year. ​The announcement was made 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. ​Among the major projects to be undertaken is the $4 billion Major Infrastructural...

​As of next month, the Development Bank of Jamaica (DBJ) will be providing a voucher for technical assistance to Small and Medium Enterprises (SMEs) which qualify. Minister of Finance and Planning, Dr. the Hon. Peter Phillips explained that this is an electronic voucher issued by financial institutions and redeemed by SMEs at Business Development Organisations (BDOs). ​The vouchers will assist these enterprises with attaining capacity development services with...

With the Jamaican economy experiencing growth, Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says the country must stay the course of structural reforms to obtain investments and job creation. Opening the 2014/2015 Budget Debate at Gordon House, on Thursday, April 17, the Minister stated that the Government economic reform programme is on track, and confidence in the...