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The discretionary power of the Minister of Finance to grant waivers will soon be restricted. Finance and Planning Minister, Dr. the Hon. Peter Phillips, told a special post Cabinet retreat press briefing at the Office of the Prime Minister, on Monday (January 14), that a comprehensive review of the discretionary power of the Minister of Finance to grant waivers has...

Coming out of its three-day retreat, the Cabinet has signed off on a number of measures that are required to advance Jamaica’s negotiations with the International Monetary Fund (IMF), towards a satisfactory conclusion. Finance and Planning Minister, Dr. the Hon. Peter Phillips, told a post Cabinet press briefing at the Office of the Prime Minister (OPM) on January 14, that...

The Development Bank of Jamaica (DBJ) has put aside US$20 million for on-lending to investors to finance and support the construction of information and communications technology (ICT) facilities. Prime Minister, the Most Hon. Portia Simpson Miller made the announcement in a national broadcast on Sunday (January 6), that this has the potential to create between 7,000 and 10,000 new jobs....

Tax Administration Jamaica (TAJ) wishes to advise that on Tuesday, January 1, 2013 an increase in the Income Tax Threshold and a decrease in the Corporate Income Tax rate become effective. In respect of individuals, the Personal Income Tax (PIT) threshold or tax-free income increases to $507,312.00 per annum, up from $441,168.00 per annum. The increase in the threshold means...

The Government is close to reaching a deal with the International Monetary Fund (IMF), with Finance and Planning Minister, Dr. Peter Phillips, stating that discussions with the technical team "are virtually at an end". Dr. Phillips, in a statement issued on Saturday, said that talks have intensified over the last two months, with the visit of senior officials to Washington,...

The activities of the Government’s main social protection initiative, the Programme for Advancement through Health and Education (PATH) have been strengthened with an injection of $2.77 billion (US$30 million) from the Inter-American Development Bank (IDB). The loan support falls under the Integrated Social Protection and Labour Programme, which seeks to preserve gains in poverty reduction and reduce vulnerability of the...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says work has commenced on two of the eight proposed agro parks to be established island wide, being undertaken over the next three years at a cost of US$8 million. Dr. Phillips was speaking at the signing and launch of the $240.7 million (€2.25 million) Economic Partnership Agreement Capacity Building Project,...

Jonathon Rowe is among the estimated 400,000 Jamaicans, representing 15 per cent of the population, living with some form of disability.  The 28-year old St. Catherine resident has cerebral palsy, and a severe speech impediment, which he struggles to cope with daily.  Cerebral palsy is a disorder that affects muscle tone, movement, and motor skills, and is usually caused by...

The latest financial statements of the Executive Agencies (EA) Pension Scheme show that the entity has accumulated assets totaling more than $1 billion. This was disclosed by Pension Fund Manager at NCB Insurance Company, which manages the fund on behalf of the Trustees, Desmond Johnson, while delivering the Fund Manager’s Report at the EA Pension Scheme’s Annual General Meeting (AGM),...

The Government has signed a Memorandum of Understanding (MoU) with the United Nations Office on Drugs and Crime (UNODC)-World Customs Organisation (WCO) Container Control Programme that is expected to result in improved security at the nation’s ports. "This MoU establishes and recognises that a funded and enhanced partnership now exists between the Government of Jamaica, through the Ministries of Finance,...

MONTEGO BAY - Minister of Finance and Planning, Hon. Dr. Peter Phillips, says the Government's economic imperative is to reduce the debt burden and put the country on a solid path for future generations. He stated that measures such as the Public Debt Management Act, which was passed in the House of Representatives recently, will ensure that "no future generations...

Member of Parliament for North West Manchester, Mikael Phillips, is suggesting that the Government utilise more than one pension fund manager to administer public sector pensions when the new pension scheme is implemented. In making his contribution to the debate on the report of the Joint Select Committee on Pension Reform in the House of Representatives on November 20, Mr....