Economy performing well, no need for new taxes, says financial analyst
Financial Analyst, John Jackson, says there is enough growth in the economy and revenue for the Government to avoid imposing further taxes on Jamaicans.
Finance Minister, Audley Shaw, is to open the budget debate in Parliament this afternoon where he will outline how the Government will fund its more than $700 billion budget.
Jackson says he sees no need for new taxes.
He says fiscal data shows that the country is on a positive path noting that revenues are ahead of projections and Government spending has been below plans.
According to Jackson, up to the end of January, revenues were running $20 billion ahead of forecast and were projected to end the current financial year at 30 billion dollars ahead of projections.
In addition, Jackson says Jamaica has seen lower inflation and interest rates, which augur well for debt payments.
Meanwhile, Jackson says the Government has to become better at tax collection.
The financial analyst says the Government should eliminate taxes that are difficult and costly to collect and instead focus on indirect taxes that capture a wide base of people.