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...

Tax Administration Jamaica (TAJ) is encouraging employers to utilize the online filing system and submit their annual returns by the March 31 deadline. Manual filing of returns ceased on March 1 this year, when it became mandatory for all employers with more than 20 employees to file the Employer’s annual return SO2 form online via the Jamaica tax portal:  www.jamaicatax-online.gov.jm....

The House of Representatives on Tuesday, March 18, passed the fiscal rule legislation, which is to be enacted by the end of this month. The fiscal rules will seek to bolster transparency within the economy and ensure a sustainable budget. It will also mean that Parliament will have a greater responsibility in the management of the country’s economic affairs. The...