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Gov’t collects more than $11bil from tax amnesty
Wednesday, 24 September 2008
Collections from the ongoing tax amnesty have passed the $11 billion mark.
During Tuesday's Parliamentary session, Audley Shaw, Finance Minister, said $11.5 billion has gone into the government coffers since the amnesty started five months ago.
This is a $1.5 billion increase over the figure reported last month.
In the meantime, the Tax Administration Services Department is reminding persons in arrears that the 80% waiver on interest and penalties under the amnesty ends on September 30.
It says after the amnesty ends on October 31, there will be an aggressive Compliance Programme.
Inflation to impact expenditure budget
The government has warned that rising inflation could take a toll on its fiscal operations.
Responding to questions tabled during Tuesday's Parliamentary session, Finance Minister Audley Shaw said the higher than expected increase in the cost of goods and services is threatening the expenditure budget.
"The higher inflation and interests rates will have an impact on both revenue and expenditure ... the higher inflation could lead to an increase in revenue, particularly in respect to income and consumption taxes.
The government of Jamaica is also a purchaser of goods and services accordingly, government's expenditure would be influenced by higher inflation particularly in energy intensive areas such as public utilities and gasoline," said Mr. Shaw.
According to the Finance Minister, increased prices over and above what was budgeted could lead to additional expenditure demand by MDA's to properly execute their functions.
He disclosed that the government had revised its inflation target from 9 to 10% to between 15 and 16% for the 2008/2009 Fiscal Year.
http://www.radiojamaica.com/content/view/11850/52/
Wednesday, 24 September 2008
Collections from the ongoing tax amnesty have passed the $11 billion mark.
During Tuesday's Parliamentary session, Audley Shaw, Finance Minister, said $11.5 billion has gone into the government coffers since the amnesty started five months ago.
This is a $1.5 billion increase over the figure reported last month.
In the meantime, the Tax Administration Services Department is reminding persons in arrears that the 80% waiver on interest and penalties under the amnesty ends on September 30.
It says after the amnesty ends on October 31, there will be an aggressive Compliance Programme.
Inflation to impact expenditure budget
The government has warned that rising inflation could take a toll on its fiscal operations.
Responding to questions tabled during Tuesday's Parliamentary session, Finance Minister Audley Shaw said the higher than expected increase in the cost of goods and services is threatening the expenditure budget.
"The higher inflation and interests rates will have an impact on both revenue and expenditure ... the higher inflation could lead to an increase in revenue, particularly in respect to income and consumption taxes.
The government of Jamaica is also a purchaser of goods and services accordingly, government's expenditure would be influenced by higher inflation particularly in energy intensive areas such as public utilities and gasoline," said Mr. Shaw.
According to the Finance Minister, increased prices over and above what was budgeted could lead to additional expenditure demand by MDA's to properly execute their functions.
He disclosed that the government had revised its inflation target from 9 to 10% to between 15 and 16% for the 2008/2009 Fiscal Year.
http://www.radiojamaica.com/content/view/11850/52/
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