Finance Minister Says Options Exist to Address Revenue Shortfall

Finance minister, Dr. Nigel Clarke, says the government has options to address the shortfall in revenues once the full extent of the impact has been assessed.

He’s responding to concerns raised by his disclosure on Tuesday that revenues for the 2023–24 fiscal year had under-performed.

Fiscal year 2023–24 ended on March 31.

Chevon Campbell has the details.

The shortfall for the last fiscal year saw government revenues come in $22 billion under budget. Tax revenues were also down by nearly $25 billion.

Speaking with Nationwide News on Wednesday, Dr. Nigel Clarke notes that despite the underperformance, the country ended the last financial year positively.

The reduction in revenues could have implications for funding the estimates of expenditure for the current budget. But the finance minister says the government is committed to fulfilling the promises outlined in its budget despite the shortfall.

He says making any adjustment at this time would be premature before receiving final word from Tax Administration Jamaica.

However, the finance minister sought to assure Jamaicans that the government has options to address the revenue shortfalls without any additional burden on taxpayers.