6 Things You Need To Know Today – February 13, 2013

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  1. New Revenue Measures.  Last night, the Minister of Finance announced new revenue measures. See full text of the ministry paper here or click the image above.
  2. Tax Shocker – Phillips Announces, Opposition Protests ‘Massive’ Package.  Finance Minister Dr Peter Phillips yesterday unleashed a $15.9-billion tax package described by his counterpart as “massive and iniquitous” before Opposition members stormed out of Parliament in anger as Government members used superior numbers and louder voices to suppress their protestations…read more at Jamaica-Gleaner.com
  3. Aren’t Those Taxes Illegal? Shaw Wants To Know.  Opposition spokesman on finance Audley Shaw is contending that some of the tax measures announced by Finance Minister Dr Peter Phillips yesterday could be illegal.  Shaw said he was particularly concerned about the changes being made to the application of the general consumption tax (GCT) on telephone calls and those paid at the ports…read more at Jamaica-Gleaner.com
  4. Gov’t Has Lost Our Trust – Private-Sector Leaders.  As far as sector leaders are concerned, Prime Minister Portia Simpson Miller and Minister of Finance and Planning Dr Peter Phillips have “lost credibility” with the private sector and it will take them a long, long time to rebuild.  They were reacting to the unexpected tax measures announced in Parliament yesterday…read more at Jamaica-Gleaner.com
  5. Our Hands Are Tied – Stakeholders Reluctantly Accept New Debt Exchange.  It was not a happy group inside the Bank of Jamaica Auditorium in Kingston yesterday morning as Prime Minister Portia Simpson Miller and Minister of Finance and Planning Dr Peter Phillips hosted the launch of the National Debt Exchange (NDX)…read more at Jamaica-Gleaner.com
  6. S&P Labels NDX A Debt Default, Downgrades Ja.  Rating agency Standard & Poor’s (S&P) downgraded Jamaica’s debt to junk status, having classified the National Debt Exchange as a default…read more at Jamaica-Gleaner.com