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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....

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, on November 20 tabled the White Paper on Tax Reform in the House of Representatives, which outlines the main tax-related initiatives to be undertaken over the medium to long-term. He said the document, which has had the benefit of a thorough consultative process, seeks to facilitate economic growth and development....

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says the Government’s economic reform and transformation programme is proceeding “at an appropriate speed." He said that the programme, aimed at “restarting the engines of progress,” addresses a number of critical areas including debt management, containing wage-related expenditures, and growth promotion. The Minister was speaking at Mayberry Investments Limited’s monthly investor...

Secretary General of the United Nations Conference on Trade and Development (UNCTAD), Dr. Supachai Panitchpakdi, says social protection programmes are pivotal in safeguarding the welfare of vulnerable groups, particularly where International Monetary Fund (IMF)austerity programmes arepursued and imposed. “We need to be able to protect those who will be the losers in this. There are families, there are people, who...