The International Monetary Fund (IMF) has commended the Jamaican government, for its tax reduction and other measures announced yesterday by the Finance Minister.
In opening the budget debate yesterday, Dr. Nigel Clarke revealed that government will be phasing out distortionary taxes that disincentivise small businesses, and hold back the economy.
In this regard, the government will be abolishing the minimum business tax of $60,000 charged to businesses, effective April 1.
IMF Mission Chief to Jamaica, Dr. Uma Ramakrishnan, commented on the tax measures, while at the 5th review mission press conference at the finance ministry, this afternoon (Mar 8).
She said these measures are expected to reduce the cost of doing business.
Dr. Ramakrishnan said the IMF also welcomed the reduction in the primary surplus target.