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Jamaica Announces New Tax Measures for Revenue Enhancement

Government Unveils Broad-Ranging Reforms to Boost Economy

Tax Policy Overhaul to Stimulate Growth and Address Deficit

Kingston, Jamaica (March 16, 2023) - The Government of Jamaica has outlined a comprehensive package of tax measures aimed at increasing revenue and supporting economic development. The announcement follows months of consultations with various stakeholders and is part of the government's broader fiscal consolidation efforts.

Key Reforms

The tax measures encompass several key reforms, including:

Estimated Revenue Impact

The government estimates that these measures will generate additional tax revenue of approximately J$60 billion (approximately US$387 million) over the next fiscal year. This revenue will be used to fund critical public services, infrastructure development, and deficit reduction.

Economic Justification

According to the Ministry of Finance, the tax reforms are necessary to address the country's fiscal deficit, which has widened significantly due to the COVID-19 pandemic and global economic challenges. The revenue generated will allow the government to invest in essential services, such as healthcare, education, and transportation.

Support for Economic Growth

In addition to revenue generation, the government believes that the tax measures will also stimulate economic growth in the long run. By investing in infrastructure and public services, the government aims to improve the business environment and attract foreign investment.