Sat | Oct 1, 2022

Four bills to shore up IMF deal passed, 12 to go

Published:Tuesday | July 2, 2013 | 12:00 AM

THE PORTIA Simpson Miller administration is moving apace with the promulgation of legislation designated as structural benchmarks under the International Monetary Fund (IMF) programme, with at least four of 12 bills already passed by Parliament.

The four pieces of legislation to bolster the IMF programme which received the nod from the House of Representatives are the Tax Collection (Amendment) Act 2013, the Tax Administration Jamaica Act 2013, the Charitable Organisations (Tax Harmonisation) (Miscellaneous Provisions) Act 2013, and the Revenue Administration (Amendment) Act 2013.

The other eight critical legislative measures, which are requirements under the IMF deal, are scheduled to be passed by the Houses of Parliament by the end of the current legislative year.

Responding to questions from opposition Senator Dr Christopher Tufton late last week, Justice Minister Senator Mark Golding said the proposed statutes are expected to be passed by the end of March 2014.

BILLS TO BE TABLED

A raft of bills, which are intended to achieve programme goals under the IMF agreement, will be tabled for debate within months.

Before legislators rise for summer break, the Government is expected to table the Secured Obligations Bill, now called the Security Interests in Personal Property Bill.

In September, the Charities Bill will be tabled in the House with a November deadline for its passage.

The Omnibus Tax Incentives Bill is also being prepared for tabling in September, with a December deadline for debate and passage.

Legislation to provide a legal and regulatory framework for collective investment schemes is expected to be enacted by September.

The Simpson Miller-led administration will take an Insolvency Bill to Parliament before the end of the year and will introduce draft legislation to combat unlawful financial operations by March 2014.

On the Government's structural benchmark list of proposed statutes is a bill for legally binding fiscal rules to ensure a sustainable budgetary balance. This bill is scheduled for passage before the end of March 2014.