For the month of October 2013 both the Jamaica Stock Exchange Market Index and the Jamaica Stock Exchange Junior Market Index performed negatively. The Main Index declined by 2,668.04 points or 3% to close at 81,832.16 while the Junior Index declined by 36.24 points or 5% to close at 732.59.
In comparison to the same period in 2012, the Jamaica Stock Exchange Market Index has declined by 7,989.64 points or 6% while the Jamaica Stock Exchange Junior Market Index has advanced by 87.18 points or 19%.
The Jamaica Stock Exchange Market Index has declined by 13,438.57 points or 11% when compared to the corresponding period in 2011 while the robust Junior Market Index has advanced by 121.62 points or 26%.
On October 29, 2013, the Government tabled new pieces of legislation – the Fiscal Incentives [Miscellaneous Provisions] Act and the Income Tax Relief [Large-scale Projects and Pioneer Industries] that form part of the Omnibus Incentive Act in parliament. This marked meeting a structural benchmark of the four year Extended Fund Facility with the IMF. Read more here.
Companies that are currently listed on the Jamaica Stock Exchange Junior Market platform enjoy income tax relief that last up to 10 years. In his statement to the House Minister of Finance Peter Phillips explained that for companies that are currently listed they will continue to enjoy their full entitlements until they expire. However for companies that list between January 1, 2014 (when the bill takes effect) up to December 31 of 2016 will only be able to enjoy income tax relief for 5 years from the day of listing. Read more here.