Prime Minister Andrew Holness has announced a National Housing Trust (NHT) contributions amnesty for micro, small and medium-sized enterprises (MSMEs) and charities.

In making the announcement Thursday during his contribution to the Budget Debate, the prime minister said the NHT was mindful of the difficulties that MSMEs and charitable entities have faced in recent times, particularly with the adverse effects of the COVID-19 pandemic.

“To support the recovery of these entities and encourage their regularisation during the coming year, the NHT will offer relief from interest and penalties on outstanding contributions,” Holness, who has portfolio responsibility for the NHT, revealed.

He shared that as at December 31, 2023, a total of $6.78 billion in contributions and interest was outstanding from these institutions with charitable organisations accounting for $129 million.

In respect of charitable institutions and MSMEs with 50 or fewer employees and annual revenue of less than $425 million, the NHT will offer a contribution amnesty as follows:

-For all contributions settled by September 30, 2024 – the NHT will waive all penalty interest on employee and employer contributions, as well as offer a 20 per cent discount on outstanding employer contributions sums;
-For all contributions settled between October 1 and December 31, 2024 – the NHT will waive all penalty interest on employee and employer contributions; and
-For all contributions settled between January and March 2025 – the NHT will waive penalty interest on employer contributions only.