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No new taxes, Finance Minister announces

Audley Shaw
 
Finance Minister Audley Shaw has carried out his promise of sparing Jamaican from new taxes for the 2018/2019 financial year.
 
Mr. Shaw is currently making his Budget Presentation in the House of Representatives.
 
RJR News has received a copy of his speech in which he will announce that there will be no revenue measures for the new fiscal year which begins on April 1.
 
This is the first time in 14 years that there will no new taxes.
 
The Finance Minister said there has been increased compliance measures and tax revenue buoyancy. 
 
He added that along with continued fiscal discipline, the Government has been able to contain expenditures.
 
Revenue and Grants for the 2018/19 fiscal year are passively forecast at $590.6 billion with non-tax revenue projected to be $60.9 billion.
 
The Non-tax Revenue projection includes: receipts of $5.4 billion from the Customs Administration Fees; transfers of $12.7 billion from the CHASE Fund, the Tourism Enhancement Fund and the Jamaica Civil Aviation Authority, as well as a special distribution of US$101 million from PetroCaribe Development Fund.
 
Capital revenue is programmed to be $2.1 billion while the remaining inflows will come from grants and $103.2 billion from borrowing. 
 
Favourable IMF performance 
 
Meanwhile, Finance Minister Audley Shaw has reported a favourable IMF performance as at the end of last year.
 
"I am pleased to report that as at the end of December 2017, the government has successfully met all the quantitative performance criteria and indicative targets agreed with the International Monetary Fund under the current Precautionary Standby Agreement," he declared. 


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