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Finance and Planning Minister, Hon. Dr. Peter Phillips, says improving the climate for doing business is critical to attracting the levels of investment needed to grow the economy. The Minister, who was opening the 2012/13 Budget Debate in the House of Representatives on Thursday (May 24), stated that sustained growth and prosperity will only be achieved by the “creative pursuit...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says the budget presented by the government seeks to lay the foundation for future growth and prosperity. Dr. Phillips, while opening the 2012/13 budget debate in Gordon House on Thursday (May 24), said it is the intention of the government to reduce debt and maintain the gains that have been...

Elements of the Tax and Tax Administration Reform package will be incorporated in this year’s budget and will be implemented over a three-year period. This was announced by Finance and Planning Minister, Hon. Dr. Peter Phillips, during his opening presentation of the 2012/13 Budget Debate in the House of Representatives on  May 24. The new measures will include: reducing distortions...

The country must work to reduce its debt, even as negotiations continue on a new standby arrangement with the International Monetary Fund (IMF), said Finance and Planning Minister, Hon. Dr. Peter Phillips. Opening the 2012/13 Budget Debate on Thursday (May 24) in the House of Representatives, the Finance Minister said that as of the close of the 2011/2012 fiscal year,...

Minister of Finance and Planning, Hon. Dr. Peter Phillips, says Jamaica’s relationship with the International Monetary Fund (IMF) stands at the centre of the country’s economic recovery programme. He said the country’s economic interests, at this time, are best served by entering into an agreement with the IMF covering an extended period of at least three years. The Minister was...

The Government is projecting earnings of $337.9 billion in revenue and grants this financial year. This was revealed by Minister of Finance and Planning, Hon. Dr. Peter Phillips, on Thursday (May 24), as he opened the 2012/13 Budget Debate in Gordon House. Dr. Phillips informed that the figure, which is before tax, represents a 4.9 per cent increase over the...

The Ministry of Finance is in discussions with the Ministry of Education, in order to arrive at an arrangement which will allow books needed for schools to be purchased through the Education Ministry, so that students can get the books without paying the General Consumption Tax (GCT).   This was disclosed by Minister of Finance and Planning, Hon. Dr.  Peter...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, has informed that the system for granting waivers will be revamped. The Minister made the disclosure as he opened the 2012/13 budget debate on Thursday (May 24) in the House of Representatives. Dr. Phillips said that starting this financial year, all blanket waivers will be cancelled, while waivers to public...

Minster of Finance and Planning, Dr. the Hon. Peter Phillips on Thursday (May 24) announced a raft of tax measures that will raise more than $23.4 billion to fund the gap in the $612.4 billion 2012/13 budget. The Minister, who was opening the 2012/13 budget debate in the House of Representatives, said that a Special Consumption Tax (SCT) will be...

Finance and Planning Minister, Hon. Dr. Peter Phillips, says the Government will be pursuing vigorous implementation of a number of projects, which are expected to yield significant foreign direct investments (FDIs) for Jamaica, during the 2012/13 fiscal year. Chief among these are the North/South Highway link between Angels, St. Catherine and Ocho Rios, St. Ann, and enhancement of the island’s...

Minister of Finance and Planning, Hon. Dr. Peter Phillips, says the Government is committed to the downward trend in interest rates, and is not willing to go the route of a stimulus economic programme, as this means engaging in higher deficit expenditure, which could lead to a reversal of low domestic interest rates. “This administration is committed to doing all...

President of the Caribbean Development Bank (CDB), Dr. Warren Smith, says member countries must commit to a programme of reform in order to address existing challenges. He stated that countries that implement far reaching reforms stand to reap substantial benefits in terms of more robust and resilient economic growth “and greater capacity to address the curse of poverty and deprivation...