KINGSTON — The Jamaica Competitiveness Enhancement Programme is to receive $28.43 million in the new fiscal year to continue facilitating economic growth, by promoting specific reforms to reduce the cost of doing business.
This will improve efficiency and the ability of businesses to compete in the global marketplace.
The funds, which have been set aside in the 2011/2012 Estimates of Expenditure, now before the House of Representatives, will be used to: promote a sustainable forum for public/private dialogue to improve competitiveness and growth; implement phase one of the Growth Inducement Strategy; reduce distortions in the current tax system; simplify tax administration; reform the secured transaction framework; and strengthen land property rights.
Up to December 2010, the programme, which began in April 2008, had achieved amalgamation of payroll taxes; land titling reform; and begun the legislative process for secured transactions.
The project, which is being implemented by the Planning Institute of Jamaica (PIOJ), is funded by the Government ($16.43 million) and the Inter-American Development Bank ($12 million).
By ALPHEA SAUNDERS, JIS Reporter