IMF Watch: Update On 2010 SBA & Omnibus Incentive Tax Bill

Photo Courtesy: Winnfm & JamaicaStores

diGgers in keeping with our mandate to bring you all the need to know news and information about the implementation of the IMF programme, we bring to you a timely update.

Today, September 25, 2013 the Government of Jamaica is expected to make another payment towards the 2010 Stand By Agreement with the International Monetary Fund. The payment will be in the amount of approximately US$12M or J$1.3B. Read more here.

In a previous blog, we informed you diGgers of the proposal for the design of a Fiscal Rule that should have submitted to the IMF staff by the 31st of August 2013. Earlier this month, information coming out of the Ministry of Finance office confirmed that this deadline was met in keeping with the IMF deadline. Read more here.

According to the IMF report September 30, 2013 was earmarked for the Omnibus Tax Incentive Act to be taken into the House of Representatives. However, it was announced yesterday in the House, that the completion of the Omnibus Tax Incentive Bill will be delayed. In addressing the House, Finance Minister, the Hon. Peter Phillips cited the reason for the delay as concerns that have been brought forward by local stakeholders and international partners. Currently there is no scheduled date for the enactment of the legislation, however debate on the bill and its passage is not expected to pass December 2013. Read more here.

Check out the Gleaner’s IMF Tracker below and let us at know what you think about Jamaica’s progress under the agreement.

diGjamaica IMF Special Report – ‘Your One Stop Shop Everything Jamaica And The IMF’.