JIS News

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  • Government Senator, Noel Sloley is urging the Parliament to continue passing legislation that will be of benefit to the country.
  • Senator Sloley also made reference to the Bankruptcy and Insolvency Bill, which is now before a Joint Select Committee for consideration.
  • Meanwhile, Senator Sloley noted that with the improvement in the economy, confidence is returning to the private sector

Government Senator, Noel Sloley is urging the Parliament to continue passing legislation that will be of benefit to the country.

“During the legislative year, we had a record number of Bills and we must not resile from that pace, as so many of our legislation are in need of updating, to be brought in line with the modern era in which we live,” Senator Sloley said.

He was closing the State of the Nation Debate in the Senate on Friday, March 28.

Senator Sloley also made reference to the Bankruptcy and Insolvency Bill, which is now before a Joint Select Committee for consideration.

“The current draft Bill offers protection to creditors. However, it needs to look at how a company can seek protection from its creditors, while being a debtor in possession, and be able to have a reasonable time period, agreed to in a scheme approved by the court, to restructure the operation and return it to viability. This is what is commonly referred to in the United States as Chapter Eleven,” he said.

Meanwhile, Senator Sloley noted that with the improvement in the economy, confidence is returning to the private sector.

He added that the tourism sector has seen a hike in hotel occupancy and Jamaica for the first time has had over two million visitors to its shores in a calendar year.

“In line with our commitment to support the productive sector, we have moved to reduce duties as well as the effective rate of taxation on productive enterprises in addition to the new Omnibus Incentive legislation,” Senator Sloley stated.

He added that growth in the economy translates to an increase in revenues, collection of more taxes, and increase in the Gross Domestic Product.

“The country’s massive debt is on a downward trajectory, with the ‘first fruits’ already visible in terms of economic growth and inflation containment, which will inevitably lead to economic stability and more investment by the private sector,” he stated.