Jamaica Set To Post Fiscal Surplus This Year
by Mike Godfrey, Tax-News.com, Washington
26 August 2014
Jan Kees Martijn, the International Monetary Fund's mission chief for Jamaica, has said the territory is on track to achieve an "impressive" surplus of 7.5 percent of gross domestic product (GDP) this fiscal year, and has recommended further reforms.
The IMF highlighted the need to improve the efficiency of the tax system, including through amendments to the General Consumption Tax (GCT) to broaden the tax base. It suggested that government procurement should be brought within the tax net.
Other recommendations included the need to create a dedicated office to modernize tax and customs administration, including by automating processes.
The comments were made during the fifth review of progress under the IMF's Extended Fund Facility. On approval of the latest review, a further USD71m will be made available to Jamaica to support its fiscal reform efforts.To see today's news, click here.
Tax-News Reviews

A review and forecast of Cyprus's international business, legal and investment climate.

A review and forecast of Malta's international business, legal and investment climate.

A review and forecast of Jersey's international business, legal and investment climate.

A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
Network Blogs and Features
- Big changes Afoot... »
- I.T. is IT! »
- What Is a Registered Agent, and Why You Need a Registered Agent for Your Business? »
- Spring Cleaning? »
- Brexit and Covid and Tax, Oh My! »
- Why is the Hong Kong startup ecosystem growing rapidly? »
- Happy Holidays? »
- COVID Continues To Capture Headlines »
- Taxing The Zeroes And Ones »
- Value Added News... »