Increased Threshold Removes Air From Gas Taxes

Jamaica Observer: “Increased threshold removes air from gas taxes”
Yesterday, the Minister of Finance and the Public Service, Audley Shaw, presented his second budget financing package. The Minister emphasised that fiscal responsibility, equity in the treatment of citizens as well as tax reform will be major initiatives during the upcoming fiscal year to improve revenues and the new fiscal measures introduced are designed to better position Jamaica to deal with the current global crisis.

Jamaica Gleaner: “Fuel tax plugs gap – Income threshold up – GCT bitters salt, syrup, soup prices”
REVENUE FROM an increase in the tax on petrol is expected to plug a vast section of an $18-billion hole in the national Budget. Finance Minister Audley Shaw said in Parliament yesterday that $13.3 billion is to be collected from the $8.75 tax that has been imposed on each litre of gas.

Jamaica Gleaner: “Economic situation to deteriorate – Shaw”
THE ECONOMY shrank by 0.6 per cent in the last fiscal year and projections for the current fiscal year are that the situation will deteriorate further. Minister of Finance and the Public Service, Audley Shaw, in his opening contribution to the 2009-2010 Budget Debate, said yester-day that real gross domestic product (GDP) growth for this fiscal year was forecasted at between negative 2.5 and 3.5 per cent.

Jamaica Observer: “Latin America and Caribbean economy will shrink in 2009 – IMF”
Latin America’s economy will shrink by 1.5 per cent in 2009, ending six years of strong growth as the world economic crisis slashes financing and demand for exports – though dealing a softer blow here than in many regions, the International Monetary Fund said Wednesday.