Click here to print page

#BudgetDebate2018: No new taxes, first time in 14 years — Shaw

Thursday, March 08, 2018

KINGSTON, Jamaica — Finance Minister Audley Shaw today announced that for the first time in 14 years, there is some relief for the Jamaican people as the government has taken the decision that there will be no new taxes.

Shaw, who was making his budget presentation for the Fiscal year 2018/19 in Parliament this afternoon said every year, with the exception of Fiscal Year 2004/05, the Jamaican people have had to shoulder more and more taxes.

“We decided in our first year in government to give back to working Jamaicans by implementing an increase in the PAYE threshold to $1.5 million. We have seen that along with increased compliance measures, there has been tax revenue buoyancy. Along with our continued fiscal discipline, we have also been able to contain expenditures.”

He added that “we will continue our work on tax reform. There is still much to be done to realign the composition of our taxes to make sure we move obstacles to growth and compliance. This work has commenced and will continue.”

He said the government is one of action, performance, and results, but they are also a government of heart and compassion that listens to the people.

“We made several commitments to the people of Jamaica, and we have done our best to honor those commitments. We have maintained fiscal discipline and have been effective in meeting the macroeconomic targets and various IMF tests.”

He concluded saying the government is focused on several major investment projects involving billion dollars of investment over the next three to five years that will play a critical role in helping us achieve our targeted economic growth rates.