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or where no discretion is applied, would lead to havoc and deprivation of the
primary asset of most Jamaicans. This must be reviewed.
The Opposition will not stand by and allow this government to start taking away
people’s property. Enough is enough.
THE TAX PACKAGE
Mr Speaker, in the Fiscal Policy Paper, the following was written:
“The primary surplus target of 7.5% of GDP is equivalent to $126,727
million, thereby leaving a gap of $10,350 million. Adherence to the
programmed primary surplus of 7.5% of GDP is necessary to sustain the
debt reduction trajectory. In that regard, revenue measures will be
implemented in FY2015/16. The new measures, with projected yield of
$10,350.0 million will be provided in a Ministry Paper to be tabled in March
2015 during the opening of the Budget Debate.”
The Minister in his speech said:
“When the budgeted expenditures for 2015/16 are compared to passive
projections for total revenues there is a revenue gap of approximately
$22.7 billion if we are to attain the 7.5% primary surplus target. This in the
absence of any further policy or administrative actions.”
The way in which this information was presented in the Fiscal Policy Paper and
the Minister’s subsequent revenue measures gave the impression that the fiscal
gap was $10,350.0 billion and not the $22.7 billion which has now been revealed
to us. This is a deceptive way to present this important information to the
country.