GOVERNMENT FIRM ON TAX BREAK

Audley-website-227x289Jamaica’s Minister of Finance and the Public Service, Audley Shaw, has reinforced the new Government’s commitment to fulfill its election platform pledge to provide a tax break to persons earning a gross annual salary of $1.5 million or less.  In a statement, Minister Shaw declared that “the promise is going to be kept”, as he addressed the President’s forum of The Private Sector Organisation of Jamaica (PSOJ) in Kingston, on March 29, 2016.

Admitting that some challenges have been encountered, and may affect its implementation schedule, the Finance Minister assured his audience that the Administration was assessing certain options to ensure that the expectation was met.

According to Mr. Shaw, the Government believed Pay-as-you Earn (PAYE) employees deserved the tax break after enduring a five-year wage freeze, coupled with the effects of a 40% devaluation of the Jamaican dollar and the loss of purchasing power.