Latest News

Shaw says no new taxes

Thursday, January 18, 2018

Print this page Email A Friend!


KINGSTON, Jamaica (JIS) — Finance and the Public Service Minister, Audley Shaw, says no new taxes will be included in the 2018/19 Estimates of Expenditure

He says revenue inflows have been doing “fairly well” this year, noting that the out-turn at the end of December 2017 was $13 billion ahead of projections.

“Happily, with this trajectory, it is not the Government's plan to introduce a new tax package in the new Budget that is coming,” the minister indicated.

He was speaking at Mayberry Investments Limited's monthly Investor Forum at The Knutsford Court Hotel in New Kingston, yesterday.

Shaw said the Government will, however, focus on implementing non-tax initiatives to ensure that importers in particular “pay their fair share at the wharves”.

To this end, he said the Jamaica Customs Agency has been instructed to take the necessary steps to acquire the requisite modern state-of-the-art X-ray equipment to enable them to scan all incoming containers.

“We are going to (scan) all barrels and containers 100 per cent… . Everything coming in will be scanned, because all I want is a fair system where all persons pay their duties,” the Minister added.

Meanwhile, Shaw advised that the Government plans to lobby the International Monetary Fund (IMF) to further reduce the Primary Surplus Balance.

The primary surplus is the minimum set aside in the Budget for debt payments. This was a stipulation under the previous International Monetary Fund Extended Fund Facility, and remains under the successor Precautionary Standby Arrangement.

“We had gotten a relaxation… from 7.5 per cent, which is where it (initially) was, down to seven per cent, and when the time is appropriate, we will seek to get it further down to 6.5 per cent and then six per cent. Of course, the more relaxation you have of the Primary Surplus is the more money you will have for capital expenditure,” the minister explained.

Shaw also advised that Jamaica's debt is expected to further decline to 107.1 per cent of gross domestic product by the end of the 2017/18 fiscal year on March 31.

ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT