Three-day Cabinet retreat begins today
KINGSTON, Jamaica — The Cabinet is expected to commence a three-day retreat today, which is likely to focus on several issues including the macroeconomic programme and the Budget forecast for the next fininacial year.
The House of Representatives yesterday passed the Vote-On-Account Resolution, which will provide approximately $84 billion to cover Government’s spending until the next budget is presented.
The 2016/2017 budget is to be tabled on April 14, with the Budget Debate set for May 9 to 19.
Meanwhile, Shaw announced yesterday that the Government will now need to devise other solutions to finance the proposed $1.5 million income tax break, as one source of funding previously anticipated, is not available.
“We have another plan,” Shaw noted, adding that further details will be disclosed after the Cabinet retreat or during his budget presentation.
He noted that there could be delays in the actual implementation of the plan but the Government also intends to stick to its promise of addressing, in the tax plan, the income band between $1.5 million and $1.8 million “to have more smoothness and equity.”
The retreat will take place at Jamaica House.
