Jamaica Customs Agency has launched a major, technology-driven system, aimed at streamlining and reducing the processes involved in cross-border import, export, and transshipment of goods. The Automated System for Customs Data (ASYCUDA), which is being implemented at a cost of US$4 million, is expected to speed up operations at the ports by fully automating export and import transactions. It allows...

Co-Chair of the Economic Programme Oversight Committee (EPOC), Richard Byles, says Jamaica surpassed all the critical targets under the Extended Fund Facility with the International Monetary Fund (IMF), at the end of the first quarter of the current fiscal year. Mr. Byles, who was addressing the EPOC’s monthly press briefing on August 14, reported significant performance in the country’s primary...

Tax Administration Jamaica (TAJ) is to begin paying Income Tax refunds directly into bank accounts, instead of making payments by cheques. The TAJ says an Electronic Funds Transfer (EFT) Project is now being piloted to accommodate this change. Beginning August 2014, individuals claiming a PAYE Income Tax refund, including pensioners, will be required to submit their banking details in order...

A team from the International Monetary Fund (IMF), is expected in the island on Wednesday, August 13, to conduct the fifth review of Jamaica’s performance under the Extended Fund Facility. The IMF Mission to Jamaica is scheduled to be in the island from August 13 to 22. During that time, they will determine if Jamaica met all quantitative targets and...

The Development Bank of Jamaica (DBJ) has expanded this year’s second staging of its annual venture capital conference, following overwhelming response to the first one held in 2013. This year’s conference, being held under the theme: ‘Towards a Dynamic Ecosystem…Linking Capital, Innovation and Entrepreneurship for Growth’, will be held over three days, up from one in 2013, from September 8...

The Statistical Institute of Jamaica (STATIN) is reporting a decrease of 3.3 per cent in the unemployment rate for April 2014. STATIN says the unemployment rate for April 2014 was 13.6 per cent, compared to 16.3 per cent in April 2013. The latest Labour Force Survey compiled by STATIN also shows that the unemployment rate among youth aged 14 to...

The Senate, last week, approved adjustments to the proposed Tax Collections (Miscellaneous Provisions) Act, 2014, and the Tax Penalties (Harmonization) Act, 2014, with 18 additional amendments to those advanced by the Lower House, on July 23. The amendments are intended to improve and increase collection of the various domestic tax types. This by introducing new collection mechanisms and also achieving...