Tweet
of this world side step reality and is afraid ... better yet .. nuh have the balls fi admit that Portia and her gang messed up. But dem expect di man dem fi turn water inna wine?
Previous gov’t blasted for bad deals
Minister of Finance Audley Shaw says his government is continually haunted by the bad fiscal decisions made by the Portia Simpson Miller led administration.
Speaking Tuesday at a luncheon held by the Jamaica Securities Dealers Association, Mr. Shaw blamed the previous administration for the recent hike in toll rates.
"When I see the Leader of the Opposition on national television speaking to an audience of unsuspecting souls telling them how wicked the JLP government is to increase the toll rates," said Mr. Shaw.
"The truth is the Portmore section was financed at almost 12% interest rate and all of the money that is being earned go straight into the hands of the French operators. We have to be paying money to the French to help keep their guaranteed levels of profit that were guaranteed by the previous government,"
He said this was not the only remnant of a bad deal that the present government has inherited.
"Among those bad deals are to enter into an agreement with a company to sell alumina at rates that are now below the cost of production running into hundreds of millions of US dollars of losses and we won't be able to get out of it until 2012," he said.
Meanwhile, the Finance Minister says his ministry has collected 37% more revenue in taxes since June 30 this year.
According to Mr. Shaw last month, revenue collection agencies raked in $12 billion more when a comparison is made with the same period last year.
He added that the government also netted more revenue from tax collection in the first quarter of this financial year.
"We have collected 24% more or close to $7 billion more than the first quarter of the previous fiscal year. The collection of arrears in taxes has increased by 71%," he said.
He added that the government's long term goal is to spread the tax burden by bringing more people into the tax net.
This he says will result in the lowering of rates of taxation.
Previous gov’t blasted for bad deals
Minister of Finance Audley Shaw says his government is continually haunted by the bad fiscal decisions made by the Portia Simpson Miller led administration.
Speaking Tuesday at a luncheon held by the Jamaica Securities Dealers Association, Mr. Shaw blamed the previous administration for the recent hike in toll rates.
"When I see the Leader of the Opposition on national television speaking to an audience of unsuspecting souls telling them how wicked the JLP government is to increase the toll rates," said Mr. Shaw.
"The truth is the Portmore section was financed at almost 12% interest rate and all of the money that is being earned go straight into the hands of the French operators. We have to be paying money to the French to help keep their guaranteed levels of profit that were guaranteed by the previous government,"
He said this was not the only remnant of a bad deal that the present government has inherited.
"Among those bad deals are to enter into an agreement with a company to sell alumina at rates that are now below the cost of production running into hundreds of millions of US dollars of losses and we won't be able to get out of it until 2012," he said.
Meanwhile, the Finance Minister says his ministry has collected 37% more revenue in taxes since June 30 this year.
According to Mr. Shaw last month, revenue collection agencies raked in $12 billion more when a comparison is made with the same period last year.
He added that the government also netted more revenue from tax collection in the first quarter of this financial year.
"We have collected 24% more or close to $7 billion more than the first quarter of the previous fiscal year. The collection of arrears in taxes has increased by 71%," he said.
He added that the government's long term goal is to spread the tax burden by bringing more people into the tax net.
This he says will result in the lowering of rates of taxation.
Comment