Budget Overview
The Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, DPhil., MP, (“the Minister”), gave his opening budget presentation on March 7, 2023.
The presentation entitled “Preserving, Increasing & Sharing the Gains of Economic Recovery”, showcased the significant steps that the Jamaican economy has made on the path to recovery since the first signs of the negative economic impact of COVID-19.
Consistent with the Minister’s budget presentations for the past five financial years, this budget presentation confirmed that there would be “no new taxes”.
This consistent theme has focused the efforts of Tax Administration Jamaica (TAJ) on consolidating and enhancing existing enforcement measures, and improving the Revenue Administration Information System (RAiS) to facilitate better taxpayer communication and more efficient taxpayer compliance through e-Filing.
We have reviewed the Revenue Measures proposed for financial year 2023/2024 contained in the related Ministry Paper 30/23 and below are the highlights from that document and the Minister’s presentation. We have also presented critical highlights of Prime Minister, the Most Hon. Andrew Holness’, ON, PC, MP, contribution to this year’s budget debate on March 16, 2023.
