Mon | Sep 25, 2017

#JaBudget2017: Shaw sets record straight ... says gov't will seek to collect bauxite levy

Published:Thursday | March 9, 2017 | 3:32 PM
Shaw

The Finance Minister Audley Shaw has sought to set the record straight saying the government will in fact be collecting bauxite levy.

Speaking in Parliament today, Shaw said the government expects to get $538 million from the bauxite levy for the next financial year, clarifying a confusion that arose from recent deliberations on the budget.

The Fiscal Policy Paper for the 2017/2018 fiscal did not indicate any projected collections from the levy.

However, last week Mining Minister Mike Henry said the government would be collecting the levy.

This afternoon Shaw said the revenue estimates has since been amended to show the $538 million expected.

He said $138 million of that amount will be from arrears on the levy while the rest ($407 million) is the minimum inflows from the New Day/Da Da Company.

New Day/Da Da Company is entity that acquired Noranda Bauxite.

Shaw said the changes followed consultations with the Mining Ministry and the Jamaica Bauxite Institute.