No Plans to Increase Taxes – Finance Minister

Finance and Planning Minister, Dr. the Hon. Peter Phillips, is assuring that there are no plans for tax increases to finance the 2013/14 Budget, scheduled to be tabled in Parliament on April 4.

Speaking at the Jamaica House media briefing at the Office of the Prime Minister on Wednesday, March 27, Dr. Phillips said Cabinet, during its retreat earlier this week, “considered and approved” the budget, which is consistent with the 7.5 per cent primary surplus target.

Additionally, he said it is consistent with the administration’s intention to reduce the share of debt and debt service on the budget, as a proportion of the gross domestic product (GDP).

“If there is anything (to be undertaken) there may be tidying up measures…to correct what you might call certain ‘imbalances’. So, in real terms, we have a budget which will be reduced, but which is an important element in our economic reform programme. Any expenditure (undertaken) is going to have to be tailored to meet revenues…that’s how we shall operate,” the Minister emphasized.

Subsequent to its tabling in the House of Representatives on April 4, the House Standing Finance Committee will commence deliberations on the budget on April 8, ahead of the start of the 2013/14 Budget Debate on April 18.

By Douglas McIntosh, JIS Reporter