JIS News

Minister of Finance and the Public Service, Hon. Audley Shaw, said that the new tax waiver/incentive policy to be formulated will place emphasis on growth and will lay out the red carpet for investors committed to creating jobs for Jamaicans.
“Anyone and any company, which is committed to investing, producing and creating jobs, a red carpet will be laid out for them,” he said at Wednesday’s (Aug.11) post Cabinet press briefing held at Jamaica House.
“It is going to be a policy that encourages investment and growth in the economy and it is going to, therefore, highlight the manufacturing sector, the tourism sector, the agricultural sector and the information and communications sector. It is the productive sector of the economy that the Government will be placing much emphasis on,” he stated.
The Government is undertaking a review of the existing tax waiver/incentive regime with a view to coming up with a new policy and strategy by the end of December, that is in line with the developmental goals of the country.
Until the implementation of the new policy, and in light of fiscal constraints, some general waiver conditions have been put in place.
These interim measures, which include a freeze on new discretionary waivers, are in keeping with commitments included in loan agreements with the multilaterals, Minister Shaw informed.
He stated that the review of the tax waiver regime was long overdue. “The truth is we needed to have a comprehensive review of our tax waiver policies because right now, everybody wants waivers and those who can’t get waivers, there are all kinds of other mechanisms that has been devised including corruption at our ports, which we are dealing with. But a review of our tax waiver and incentive regime has been long overdue,” he said.

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