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.

TAGS: tax | gross domestic product (GDP) | International Monetary Fund (IMF) | Jamaica | Banking | Tax

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