Thursday, April 15, 2004

Ja: So where the money coming from?

DR. OMAR Davies, Minister of Finance and Planning, will today tell the nation how the Government plans to finance the $328.2 billion spending programme he presented to Parliament on March 31.

According to experts, Jamaicans can expect less pain from this Budget than they got from the one last year.

The country is projected to get an additional $1.7 billion in aid, but the rest will have to be financed in the new 2004-2005 financial year, which started on April 1.

"Along with implementation of additional property tax, I don't expect anything in terms of a big negative," said Jason Morris, Jamaica Money Market Brokers economist.

"We shouldn't get scared of taxes being introduced that would reduce investor confidence."


There are going to be some additional taxes, said one senior financial executive, who wished not to be identified. He said this is clear, "when you look at the gap between revenues and expenditure."

Tax revenues for the Budget in this financial year should be about $150 billion, Mr. Morris said. This would represent an increase of $18-$20 billion over the previous year.


Post a Comment

Links to this post:

Create a Link

<< Home