Thu | Aug 17, 2017

Cabinet to finalise 2017/2018 budget at retreat

Published:Wednesday | January 25, 2017 | 1:59 PM

The Cabinet is set to go on retreat tomorrow and Friday to finalise the 2017/2018 national budget.

The budget is set to be tabled in Parliament on February 9, with Finance Minister Audley Shaw to open the Budget Debate on March 9.

The Cabinet will begin meeting tomorrow amid speculation that the Government is planning to impose more taxes on Jamaicans to fund the second tranche of the $1.5 million tax break.

The Government will need to find $16 billion to finance it.

Shaw says the Government is now working out how to fill this shortfall.

However, he has not said how much of the $16 billion will come from new taxes. 

Last May the government imposed more than $13 billion in taxes to fulfil part of its election promise that persons earning up to $1.5 million would no longer have to pay income taxes as of April 1.

The threshold was raised to $1 million with a promise to further increase it to $1.5 million come April 1 this year.