Wed | Aug 23, 2017

Finance Minister seeks new source to fund $1.5m tax break plan

Published:Tuesday | March 29, 2016 | 3:16 PM
In this file photo Prime Minister Andrew Holness (left) engages in conversation with Minister of Finance and Public Service Audley Shaw.

Finance Minister, Audley Shaw says funds which were being eyed by the Jamaica Labour Party to assist with the implementation of the $1.5 million tax break plan are not available.

The JLP had planned to use money collected from the gas tax to partially fund the tax break.

Under the plan, persons earning $1.5 million or less would not have to pay income tax.

The Labour Party had planned to implement the plan on April 1.

However, according to Shaw, the money has already been accounted for in the Consolidated Fund. 

 

Finance Minister, Audley Shaw

It means the government will now have to find other means of funding the plan.

However, the Finance Minister says the government remains committed to implementing the measure.

 

Finance Minister, Audley Shaw

Last week, Information Minister Senator Ruel Reid said it was possible persons may have to wait until after the Budget is passed to benefit from the deal.