More than J$2 bn collected in four months from SCT on fuel price

The Government of Jamaica has collected J$2.45 billion from the imposition of the seven dollar Special Consumption Tax (SCT) on the price of  petrol. This was for the period April to July.  

   
Dr. Peter Phillips, Minister of Finance & Planning, made the disclosure during Tuesday’s sitting of  the House of Representatives, in response to questions posed by Opposition Spokesman on Finance, Audley Shaw.    

The SCT, which was announced by Dr. Phillips during his contribution to the 2015/16 Budget Debate, is intended to provide additional resources for the establishment of  the proposed Energy Stabilisation and Energy Efficiency Enhancement Fund.  

   
The facility is designed to position the Administration to undertake medium and long term projects, reduce Jamaica’s dependence on oil imports, and carry out hedging in oil purchases.