EPOC: Economy in Good Health Despite Tax Shortfall

Chairman of the Economic Programme Oversight Committee, EPOC, Keith Duncan, says the Jamaican economy remains strong despite the shortfall in government revenues for the last financial year.

He made the comment during a media briefing by EPOC on Thursday.

Mr. Duncan says the collection of general consumption tax, which is an indicator of economic activity, outperformed its target.

The shortfall for the last fiscal year saw government revenues fall $22 billion under budget. Tax revenues were similarly down by nearly $25 billion. This was linked to a reduction in revenue gained from corporate income-tax.

The EPOC chairman believes this has been caused by the Bank of Jamaica’s high interest rates. However, he sought to assure Jamaicans that the country is not in a crisis.

Keith Duncan, Chairman of the Economic Programme Oversight Committee.