Amendments to the General Consumption Tax (GCT) Act are expected to be tabled in the House by June 2014. The main objectives of the reform of the GCT Act are to broaden the tax base and improve its administration. This is contained in the Supplementary Memorandum of Economic and Fiscal Policies, submitted to the International Monetary Fund (IMF). The document...

Tax Administration Jamaica (TAJ) is reporting a 43 per cent increase in the number of delinquent tax payers taken before the court this financial year, as the agency ramps up its collection strategies to meet its revenue target of $236 billion. Director of Communications at the TAJ, Meris Haughton, also told JIS News that collection measures implemented this fiscal year...

Government will have to place greater focus on the export of goods and services, rather than domestic consumption, to boost growth in the medium term. This is the view of Vice President, Business Analytics, Portfolio Advisory and Product Development at the Scotia Group, Jason Morris, who said this will take time. “If you think about the Jamaican economy, this has...

Scotiabank Group Executive, Jason Morris, has pointed to positives in the local economy, despite the difficult economic situation being faced by the country. He cited the improving Net International Reserves (NIR); improvement in foreign direct investment flows; and the upward trend in the Gross Domestic Product (GDP), as examples of the positives. He added that the upcoming budget by the...

The Senate on Friday, March 21, passed the fiscal rule legislation, as the government moves to put a cap on what the country can spend. The fiscal rules seek to bolster transparency within the economy and ensure a sustainable budget. Their enactment means that Parliament will have a greater responsibility in the management of the country’s economic affairs. The Bills,...

Prospective contractors are being encouraged to ensure they can fulfill the necessary requirements before submitting bids in response to Government requests for project proposals. Senior Director, Procurement and Asset Policy Unit, Ministry of Finance and Planning, Cecile Maragh, said this is necessary in ensuring that public procurement is carried out with the highest level of efficiency, transparency and fairness. “When...

Financial analyst, Ralston Hyman, says Jamaica is well on track to achieving a balanced budget this year. This, he says, is based on several positive outcomes and developments resulting from the Government’s implementation of measures under the four-year Extended Fund Facility (EFF), negotiated with the International Monetary Fund (IMF), as well as the country’s Economic Reform Programme (ERP), endorsed by...