SPEND MORE – Davies wants Government to focus on capital projects Posted on April 29, 2009April 29, 2009 by Your Financial FactSheet Jamaica Gleaner: “SPEND MORE – Davies wants Government to focus on capital projects” OPPOSITION SPOKESMAN on Finance Dr Omar Davies is proposing that the Govern-ment spend more on capital projects this fiscal year, with a view to generating income for many Jamaicans and to “return hope to many faces”. Jamaica Observer: “Repercussions of New Dividend Tax” The budget presentation has come and gone but whispers for clarity linger in the air. The opposition is dressed in black as it protests the decisions made while some individuals attempt to wreak havoc on society through disorderly conduct. Jamaica Observer: “New taxes burden workers most, say some stakeholders” Some economic stakeholders, including unions, say the new tax measures will burden workers whilst minimally taxing the wealthy but the Private Sector Organisation of Jamaica (PSOJ) disagrees and calls it equitable. Jamaica Observer: “JPS, Pegasus sale to plug another hole” Finance Minister Audley Shaw’s tax package is projected to give an $18-billion boost to Government revenue but raising another $13 billion to meet its expenditure is hinged on the state selling its stake in the Jamaica Public Service Company (JPS) and the Jamaica Pegasus Hotel, located in Kingston.
Increased Threshold Removes Air From Gas Taxes Posted on April 24, 2009April 25, 2009 by Your Financial FactSheet 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.
Mounting public debt tracks fiscal indiscipline, says Wehby Posted on April 17, 2009April 17, 2009 by Your Financial FactSheet Jamaica Observer: “Mounting public debt tracks fiscal indiscipline, says Wehby” After spending the better part of two years as Minister without Portfolio in the Ministry of Finance, Senator Don Wehby has said that Jamaica’s poor track record on meeting fiscal targets is to be blamed for the country’s mounting public debt, which is now just over J$1 trillion. Jamaica Gleaner: “Choosing a better future in the Americas” As we approach the Summit of the Americas, our hemisphere is faced with a clear choice. We can overcome our shared challenges with a sense of common purpose, or we can stay mired in the old debates of the past. For the sake of all our people, we must choose the future. Jamaica Observer: “Jobless claims top 6 million, housing plummets” WASHINGTON (AP) – The number of people receiving jobless benefits exceeded six million for the first time, the government reported yesterday, and housing construction unexpectedly plunged to its second-lowest level on record – fresh evidence that the recession is far from over.
Business confidence at all-time low… Posted on April 8, 2009April 8, 2009 by Your Financial FactSheet Jamaica Gleaner: “Business confidence at all-time low – Consumers also pessimistic about jobs, economy” Business confidence in Jamaica has plunged to an eight year low for the first quarter this year, dipping to the lowest level registered since the Jamaica Conference Board started its survey in 2001. Jamaica Observer: “What impact will increased IMF resources have on developing countries?” Last week, international investor George Soros said President Obama could make the G-20 meeting a success by increasing the amount that developing countries can borrow from the International Monetary Fund (IMF). At that time, the IMF had about US$250 billion to lend, far too little in a world of trillion-dollar problems.