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Jamaica Must Stay the Course – Finance Minister

With the Jamaican economy experiencing growth, Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says the country must stay the course of structural reforms to obtain investments and job creation. Opening the 2014/2015 Budget Debate at Gordon House, on Thursday, April 17, the Minister stated that the Government…

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Jamaica on Target to Pass IMF Third Quarter Review

Jamaica is on target to pass the International Monetary Fund’s (IMF) third quarterly economic review, under the four-year Extended Fund Facility (EFF). The approval, which is expected by the end of March, will pave the way for a fourth drawdown of funds totalling US$71 million under the programme. This was…

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PM Says Communities Must “Stand Up” Against Crime

Prime Minister, the Most Hon. Portia Simpson Miller, is calling on communities to “stand up” against crime. She says crime robs citizens “of opportunities for employment and social upliftment.” The Prime Minister was speaking in a video message at the ‘Unite for Change’ National Forum on Youth Violence Prevention, held…

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Finance Ministry Pushes Ahead with Economic Reform Programme

Significant implementation of the government’s Economic Reform Programme (ERP), leading to a new four-year agreement with the International Monetary Fund (IMF), dominated activities undertaken by the Ministry of Finance and Planning during 2013. The ERP’s provisions are consistent with the administration’s strategic priority focus on attaining fiscal prudence and a…

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Government Committed to Improving Efficiency of Public Sector

The Government has reiterated its commitment to improving the efficiency, quality and cost effectiveness of the public sector. This is stated in a Ministry Paper on Jamaica’s second quarterly review of the Extended Fund Facility (EFF) with the International Monetary Fund (IMF). The document was tabled in the House of…

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House Passes Legislation to Combat Ponzi Schemes

The House of Representatives, on December 10, passed legislation to combat the establishment of unlawful financial organisations commonly known as ponzi or pyramid schemes. Minister of Finance and Planning, Dr. the Hon. Peter Phillips, who piloted the Securities (Amendment) Act, said the Bill addresses issues, which have emerged since the last…

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Government Receives Budgetary Support of $6.8 Billion

The Government has received approximately $6.8 billion (€48.134 million) in budgetary support from the European Union (EU), which will assist in the implementation of various development programmes. Provision is being facilitated through a grant agreement, which the Government and EU officials signed on Monday, December 9, during a ceremony at…

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PSOJ Head Suggests Gov’t Retain Working Group in Tax Reform

Private Sector Organization of Jamaica (PSOJ) President, Christopher Zacca, is proposing that the Government give consideration to retaining the eight-member Incentives Working Group (IWG), which contributed to the development of the Omnibus Tax Legislation. This, he said, in order to involve team members in the full implementation of the Government’s…

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Ministry to Stage Consultations on Omnibus Legislation

The Ministry of Finance and Planning will be staging meetings and consultations on the Omnibus Fiscal Incentive Legislation, as it seeks to engage stakeholders on the provisions of the recently passed bill. Portfolio Minister, Dr. the Hon. Peter Phillips, informed that a special hotline will also be established within the…

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Omnibus Tax Legislation to Boost Production Sectors – Minister Phillips

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says the recently passed Omnibus Tax Incentive legislation is expected to, among other things, boost areas within the country’s manufacturing and agricultural sectors. The Omnibus legislation is intended to establish a transparent and coherent regime to govern all tax incentives. Dr.…

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Jamaica Remains on Course for Drawdown from IMF

Jamaica remains on course for a second drawdown of funds from the International Monetary Fund (IMF), and supporting financial inflows from the World Bank and Inter-American Development (IDB), totalling some US$300 million. According to Head of the IMF Staff Mission Team to Jamaica, Jan Kees Martijn, and Finance and Planning…

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No Let Up For Unlawful Financial Organisations

As the Government continues to reform the financial sector and strengthen the legislative framework for regulation of the securities industry, proposals have been put forward to amend the Securities Act, to combat the establishment and proliferation of unlawful financial organizations. “Whilst the Financial Services Commission (FSC), in conjunction with other…

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Regulatory Measures Have Boosted Securities Sector – Minister Phillips

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says that the regulatory measures implemented by the Government coming out of the financial crisis of the 1990s, have resulted in “phenomenal growth in size and assets” of the securities sector in Jamaica. “As at December 2002 … there were…

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FSC Head Says Regulatory Regimes Needed To Protect Investors

Executive Director of the Financial Services Commission (FSC), Janice Holness, says that the impact of globalization on emerging economies has dictated the need to develop efficient regulatory regimes that can provide vital investor protections. She said that these regulatory regimes should seek to ensure that investors’ interests are promoted through…

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Junior Market Given Transition Period

Government has introduced a transition period for the phasing out of the special scheme of income tax incentives now enjoyed by companies listed on the Junior Market of the Jamaica Stock Exchange (JSE). This was disclosed by Minister of Finance and Planning, Dr. the Hon. Peter Phillips on Tuesday, October…

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Finance Minister Tables Bills for New Incentive Regime

The Fiscal Incentives (Miscellaneous Provisions) Act and the Income Tax Relief (Large Scale Projects and Pioneer Industries) Act 2013 were tabled in the House of Representatives, on October 29. Tabled by the Minister of Finance and Planning, Dr. Peter Phillips, the Bill seeks to provide a framework for the new…

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