No Additional Taxes for Jamaica

Jamaicans have been spared additional the burden of paying additional taxes to finance the government’s 520 billion dollar spending, for the financial year 2013/2014.

Finance minister, Dr Peter Phillips outlined  details of the budget in opening the debate in the house this afternoon.

Today, he mentioned that Jamaicans had made sacrifices having to absorb two tax packages over the last year plus a debt exchange subscribed to by financial institutions.

Dr Phillips said tax revenues of 407 billion dollars accounted for the bulk of revenues government expected. The government will borrow 103 billion dollars to support the budget. Cash advances will bring in another 10 billion dollars.

Included in the amounts to finance the budget are non-tax revenues including the bauxite levy, and the 11 billion dollars to be drawn down from the NHT.

Stressing throughout his presentation the need to reduce the debt, Dr Phillips told the house that a tight budget had been put together and there was no new tax.

He said the government would concentrate on collecting the taxes already imposed. He ended his presentation with a call for all segments of the population to take opportunities now including the poor who he said should climb out of the abyss of poverty.

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