Jamaica is further revising down Jamaica’s primary surplus target to 3.1% among other measures, to cover almost $17 billion in additional expenditure for the current fiscal year.
According to Finance Minister Nigel Clarke preliminary numbers for the 6 months ending September 30, show that overall revenues were $8 billion or 3% than budgeted but 18.8% lower than the corresponding 6 months of 2019. Corporate taxation and Pay As You Earn (PAYE) performed ahead of budget by 16% and 8%, respectively.
However, General Consumption Tax (GCT) receipts on local activity were 3% lower than budgeted and 16% less than April – September 2019. Revenue from International Trade taxes was lower than budgeted by 3% and lower than last year by 32% over the comparable period. Consistent with the fall in trade volumes, customs duty, stamp duty and GCT on imports were, respectively, 7%, 28% and 1% lower than budgeted and 21%, 40% and 27% lower than last year. In addition, travel tax receipts were down by $9.5 billion or 80% on last year. (JIS) (NNN)
Extract from the CARICOM BUSINESS Newsletter Vol. 3 No. 41
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