Kalilah Reynolds reports.
The government needs to collect more tax revenues, or run the risk of missing the country’s economic targets, such as reducing debt.
That’s according to Chairman of the Economic Programme Oversight Committee, EPOC, Keith Duncan.
Mr. Duncan was the guest speaker at a meeting of the Rotary Club of St. Andrew North last evening.
According to Mr. Duncan, the country is currently running a fiscal deficit – meaning the government is spending more than it receives in taxes and other revenues.
The government had planned for this in the last supplementary budget.
But with about six months left in the fiscal year, they’re already approaching the target for the full year.
Critical, because tourism’s recovery is expected to lead the way for other industries that depend on it, such as agriculture and manufacturing.
It would also be a vital source of economic activity, which in turn would provide those much needed tax dollars.
According to Duncan, Jamaica missed its target for tax revenue collections in August.
He says if taxes don’t rebound, the government will have to cut spending at a time when the economy needs a stimulus.
Keith Duncan, EPOC Chairman