Do not depend on grants and bauxite levy — Byles

Richard Byles, co-chair of the Economic Programme Oversight Committee (EPOC), has expressed the hope that tax inflows during the month of March will help the Government of Jamaica to reach the expected primary surplus target of $120 billion in April.

EPOC, which met on Friday, April 8 and reviewed indicators for the month of February 2016, said that the country produced a primary surplus of $80.1 billion for the 11 months ended February 2016, versus a budgeted $79.3 billion (adjusted for the reduction of 0.25 per cent in the primary surplus target).

Byles stated at the monthly press conference in Kingston, held yesterday, that March tax inflows could possibly compensate for poor performing resume segments, including the bauxite levy.

“Jamaica appears to be in a good position to meet the primary balance target of $120.7 billion, on the presumption that tax collections in March will perform strongly. Unfortunately, shortfalls in grants and the bauxite levy has again left us exposed to underperformance. For the 2016/17 budget, the MOF (Ministry of Finance) should ensure we are more realistic in our expectations for these two revenue sources.”

http://www.jamaicaobserver.com/business/Do-not-depend-on-grants-and-bauxite-levy—Byles_57546