It is a great pleasure for me to be here. I would like to thank the Prime Minister, the Most Honourable Portia Simpson Miller, the Minister of Finance and Planning, the Honourable Peter Phillips, and other key members of the Cabinet for our frank exchange of views today. Jamaica’s economic reform programme, supported by the IMF, with a 4-year, US$930...

Mr. Speaker, I wish to bring to the attention of the House, proposed changes to the tax regime that were recently approved by Cabinet that will allow for either the retention of existing benefits or the reduction in applicable taxes for certain sectors of the economy.   I. The first broad set of changes relate to:   AN AMENDMENT TO...

Central Government Budget's Expenditure Budget  The 2014/2015 expenditure budget is estimated at $540.1 billion. Revenues and grants are projected at $421.2 billion, leaving a financing gap of $118.9 billion. This will be financed by loan receipts of $110.9 billion, utilization of balances in the banking system of $1.4 billion and inflows from new measures of $6.7 billion.   Tax Revenue...

HONOURABLE MINISTER OF FINANCE AND PLANNING OPENING STATEMENT BUDGET 2014/2015                                                                                         INTRODUCTION The Budget Debate provides us with the opportunity to take stock of our performance over the previous fiscal year and to measure our progress in relation to the targets previously set and to assess the effectiveness of our management of the country’s finances.   Let me begin this...

INTRODUCTION: Mr. Speaker, we have come to the end of our budget process which began on the 4th of April, 2013 with the presentation of the Estimates of Expenditure. Let me thank the Members of this Honourable House who have made contributions in the Standing Finance Committee and to the Debate which I opened on April 18th, 2013. Mr. Speaker,...

It has long been recognised that an important part of securing growth will require tax reform. The current taxation system operates as a high tax regime co-existing with a system of negotiated exclusions for certain aspects of particular sectors. These cover Tourism, aspects of Manufacturing and Agriculture, Free zone, Petroleum and Shipping activities to name a few. Members will recall that...

Minister Without Portfolio, Ministry of Finance And Planning Update on The Status of Public Sector Heads of Agreement for Contract Period 2012-2015 Mr. Speaker, In keeping with the commitment made in my sectoral presentation on July 2, 2013,  to keep this Honourable House and the country informed, I now provide an update on the implementation of the Heads of Agreement....

On 30 September 2013, the Executive Board of the IMF approved the completion of Jamaica’s 1st review under the IMF’s four-year Extended Arrangement which was agreed to on 01 May 2013, paving the way for a second draw-down under the programme (SDR 19.97 mn). This approval also paves the way for the receipt of support from other multilateral development partners, including...