Finance Minister Dr Nigel Clarke, is projecting that tax revenues should continue to surpass collection targets.
He says that’s due to the shift in 2016 from direct taxation to indirect taxation, which was labelled by the International Monetary Fund, as a ‘bold move’.
Yesterday, the Economic Programme Oversight Committee, EPOC, told the media that tax revenues from April to September this year increased by nearly nine percent or $20.9-billion when compared to the corresponding period for last year.
The Finance Minister says that’s an indication that the nation’s economy is robust.
Dr Clarke says that positive trend is to continue.
The Finance Minister says moving from direct to indirect taxation has incentivised the seeking of employment which has in turn increased productivity.
In the meantime, Minister Clarke is maintaining the government will remain fiscally prudent, despite the contentious wage negotiations with rank and file members of the police force.
The Finance Ministry is aiming for a wage agreement with the Police, which is in keeping with Jamaica’s legislated nine percent wage to Gross Domestic Product, GDP, for the 2018/2019 fiscal year.