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The Taxation Policy Division of the Ministry of Finance and the Public, which was closed last Wednesday (April 7), to facilitate Police investigations into the issue of waivers and concessionary letters, reopened Monday (April 12). Minister of Finance and the Public Service, Hon Audley Shaw Opening the Budget Debate in the House of Representatives on Thursday (April 8), Minister of...

Finance and the Public Service Minister, Hon. Audley Shaw, is defending the 2010/11 budget, which he presented in the House of Representatives on April 8, describing it as credible. He is also accepting responsibility for what he said was a miscalculation in the rate of interest, which resulted in the need for a $4.5 billion adjustment in the budget. The...

Economic growth of 0.5 per cent is projected in the 2010/11 financial year and this is expected to increase to two per cent in each year from 2011/12 through 2013/14. These projections were outlined by Minister of Finance and the Public Service, Hon. Audley Shaw, when he opened the 2010/11 Budget Debate in the House of Representatives on April 8....

Minister of Finance and the Public Service, Hon. Audley Shaw, has said that the Government will be "cleaning up" the country's revenue departments as it moves to stamp out tax evasion. He said that the culture of tax evasion has become a serious problem in Jamaica, infiltrating revenue collecting institutions, and in some cases, involves collusion between business people and...

Net International Reserves (NIR) stood at US$1.75 billion as at March 31 reflecting a marginal increase over the US$1.63 billion figure for the same period last year. Gross reserves amounted to US$2.4 billion, representing adequate coverage of some 17.4 weeks of imports of goods and services. This was revealed by Minister of Finance and the Public Service, Hon. Audley Shaw,...

The Nurses Association of Jamaica (NAJ) has agreed to resume discussions at the Ministry of Finance and the Public Service next week, on public registered nurses claim for pay increases dating back to 2008. Minister of Labour and Social Security, Hon. Pearnel Charles, endorsed the decision at a meeting with the NAJ at his Ministry Friday (April 9). He emphasised,...

Chief Regulatory Officer (CRO) of the Jamaica Stock Exchange (JSE), Wentworth Graham, has stated that the institution is now much stronger, as a result of the redefining of its operations. Mr. Graham made the statement at a recent Community Forum at the St. Gabriel's Anglican Church Hall, May Pen, Clarendon hosted by the Financial Services Commission (FSC) to help citizens...

Minister of Finance and the Public Service, Hon. Audley Shaw, has announced plans to begin formal consultations with various public sector groups, as the Ministry seeks to arrive at an agreement regarding the settlement of outstanding sums owed to them. The Minister made the announcement, today (April 8), as he opened the 2010/11 Budget Debate, in the House of Representatives....

The newly proposed amendments to the General Consumption Tax (GCT) Act and Regulations could see tax dodgers forking out thousands of dollars to the Government, or imprisoned for up to a year. The anticipated changes were announced in the House of Representatives Thursday (April 8) by the Minister of Finance and the Public Service, Hon. Audley Shaw, during his contribution...

The Government is moving to reduce its fiscal deficit by removing a number of public entities from its budget and only partially funding others. "For too long we have allowed some public sector bodies to incur significant sums of debt, which ultimately have to be absorbed by Central Government, thereby increasing the fiscal deficit," Minister of Finance and the Public...

During financial year 2010/11, the Government proposes to borrow $176.6 billion to cover the projected fiscal deficit of 6.5 per cent, and amortization payments, a big reduction from the $301 billion that was borrowed during the last fiscal year. "Of the total, $118 billion is programmed to be raised from the domestic market. The remainder of $58.3 billion is to...

Minister of Finance and the Public Service, Hon. Audley Shaw, today kept his promise of "no new taxes", but warned the nation that it is now "crunch time", while predicting that his 2010/11 budget will trigger positive growth in the Jamaican economy by next March. Mr. Shaw projected 0.5 per cent growth in the economy by the end of 2010/11,...