Golding hopes legislative changes will improve doing-business climate
Daraine Luton, Senior Staff Reporter
The House of Representatives on Tuesday began debate on the bill to amend the Companies Act, but had to abort plans of securing its passage because the bill was not printed on the prescribed sheet.
Justice Minster Mark Golding said in the Senate yesterday that in addition to the Companies Act, passage of the Security Interest in Personal Property (SIPP) Act, as well as that of an omnibus tax regime, and an insolvency bill, which is to be tabled next Tuesday, will make doing business in Jamaica easier and more attractive.
"We anticipate it will have a positive impact on our international ranking for doing business," Golding said yesterday.
Under its four-year extended fund facility with the International Monetary Fund (IMF), Jamaica has committed to putting legislation in place to improve the doing-business climate.
The omnibus tax regime, which removed discretionary powers from the minister and institutes a rules-based system of granting incentives, has already been approved.
The SIPP, however, was sent back to the House of Representatives for consideration after the Senate passed it with 21 amendments yesterday.
A total of 105 amendments have now been made to the bill, which was first passed in the House with 84 amendments.
Golding yesterday said the SIPP must be viewed as an integral part of a broader set of reforms "aimed at improving the legislative architecture for business and will ultimately speed up the process of broad-based growth and economic inclusiveness in this country".
The SIPP is aimed at improving the availability of domestic credit to the private sector by allowing for non-traditional assets such as crops, intellectual property rights, and personal items to be recognised as collateral for the purpose of accessing loans.