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Now that the requisite laws and regulations have been passed and gazetted, any interested party can apply for a licence to establish a credit bureau, and the Bank of Jamaica has indicated its readiness to receive applications. In a statement on Tuesday, February 8, the Bank of Jamaica (BoJ) advised that “under the Credit Reporting Act 2010, the statute which...

The Government has achieved most of its tax reform objectives, Director General of Tax Administration, Mrs. Viralee Latibeaudiere has asserted. Addressing a Jamaica Chamber of Commerce breakfast forum on tax administration reform, at the Knutsford Court Hotel, in New Kingston, today (February 10), Mrs. Latibeaudiere pointed to some of the milestones that have been achieved. “We were able to establish...

Thousands of unclaimed bank balances amounting to millions of dollars, with sums in these accounts ranging from nearly $2 million to just over $500, are to be remitted to the revenues of the government if they remain unclaimed. The names of the accounts held at Scotiabank and Citibank were published recently in a major newspaper, and reports indicate that significant...

Newly-appointed World Bank Country Directorfor the Caribbean, Françoise Clottes, will travel to Jamaica this week to meet with Finance and Public Service Minister, Hon. Audley Shaw and other government officials. Ms. Clottes will also meet with key industry leaders, Non-Governmental Organisations (NGOs) and other civil society representatives. She will visit World Bank sponsored projects in Jamaica, including a community health...

Minister of Industry, Investment and Commerce, Hon Karl Samuda, has expressed support for a one year tax break for micro enterprise start-ups, in addition to the recently announced one year rent-free incentive. He was welcoming the inauguration of the Caribbean Microfinance Alliance (CMFA), as he launched the regional body on Thursday January 27, at the Jamaica Pegasus Hotel, New Kingston....

The Students' Loan Bureau (SLB) expects its first drawdown of US$5 million on the US$20 million from the Caribbean Development Bank (CDB), before the end of the current fiscal year. The loan, which was secured through a Government guarantee, will increase the pool of funds available to students wishing to pursue tertiary level studies. Chairman of the SLB's Council, Worrick...

The Government is currently negotiating a US$75 million loan with the United States Agency for International Development (USAID) to help finance its tax administration reform programme, Finance and Public Service Minister, Hon. Audley Shaw, has disclosed. He says that, when finalized, the loan will finance, among other things, a new information technology system with “impressive” forensic data mining capabilities and...

Minister of Finance and the Public Service, Hon. Audley Shaw, is warning that the Ministry will be vigilant in monitoring the operations of companies listed on the Junior Stock Exchange, to ensure compliance with the purpose for which it was established. Speaking at the sixth Jamaica Stock Exchange (JSE) investment and capital market seminar at the Jamaica Pegasus Hotel, New...

Cabinet has approved a 10 per cent increase for minimum wage earners and industrial security guards. Minister of Labour and Social Security, Hon. Pearnel Charles, made the announcement during Tuesday’s January 25 sitting of the House of Representatives. Effective February 28, 2011, the National Minimum Wage will move from $4, 070 per 40-hour work week to $4,500, while the minimum...

Minister of Finance and the Public Service, Hon. Audley Shaw, is to meet with the Bankers Association of Jamaica (BAJ) on Wednesday (January 26), to discuss their role in Government’s efforts to grow the economy. The discussions are expected to focus on securing the commercial banks’ support for the administration’s efforts to lower interest rates. Speaking at Mayberry Investments Limited’s...

Minister of Finance and the Public Service, Hon. Audley Shaw, says that the Government is satisfied that merging the national airline, Air Jamaica, with regional counterpart, Caribbean Airlines, was a correct and timely move. Speaking at Mayberry Investments Limited’s monthly Investors Forum, at the Knutsford Court Hotel, New Kingston, on Wednesday (January 19), Mr. Shaw said that in light of...

Finance and Public Service Minister, Hon. Audley Shaw, is confident that Jamaica will pass the International Monetary Fund’s (IMF) 2010 December test. The tests are targets, jointly agreed on by the Government and IMF, which Jamaica need to meet to access funding from a US$1.27 million standby agreement negotiated in 2010. Speaking at Mayberry Investments Limited’s first monthly Investors Forum...