ANDREW HOLNESS’ REPORT CARD ...
PROMISE MADE
We will reform government and establish a Ministry of Economic Growth and Job Creation. This ministry will ensure that investments are rapidly facilitated to avoid government obstacles. The Ministry of Economic Growth and Job Creation was established.
We will immediately restore the benefits at the Junior Stock Market to grow equity financing for the expansion of small to medium size businesses, as they form the stable base for job creation.
We are committed in principle and practice to real reform of the tax system. This means leaving you with more of your income to save or invest. This means lower taxes and a business friendly tax system. We will again reduce transfer taxes, stamp duties, estate taxes, as our economy grows. To help our economy grow and help you take care of your families, we will get rid of personal income tax for everyone who earns a gross salary of JA$1.5m or less.
Apart from divestment of loss-making government entities to which we are already committed, we will list on the Jamaica Stock Exchange several state-owned enterprises such as the UDC and Factories Corporation. They all have significant asset bases which can be properly packaged and placed on the stock market with realistic investment plans which would unleash the economic and job creation potential latent in these assets.
Jamaica's water infrastructure is inadequate, we will fix it. We will make strategic capital investments in water. There are still too many households and farms without reliable water supply. The investment in water will reduce the impact of drought on the economy, but it will also boost agriculture and housing construction. This is an example of synergy in our economic growth plan.
We will reform the NHT, the Housing Agency and the Mortgage Bank to expand affordable housing construction and reduce interest rates on mortgages. We will create a special intergenerational 50- to 60-year mortgage which will make home ownership and payments easier. It is the Jamaican dream to own a home, whether you are a household helper or a young professional, and we will help you make that dream come true.
PROMISE KEPT
The newly created ministry is charged with drafting the blueprint to drive economic growth and sustainable development. Portfolio areas of the ministry cover water, housing, works, land, environment, climate change and investment.
The benefits of the Junior Stock Market were restored April 1, 2016. In October 2016 the House of Representatives passed the Income Tax Amendment Act which seeks to continue the incentives provided under the Junior Stock Exchange. • 10-year period tax break (no corporate tax paid for the first five years and 50 per cent of the prevailing rate is paid in the next five years).
251,700 P.A.Y.E. workers benefited from phase 1 of the TAX BREAK.
• Transfer taxes, stamp duties and estate taxes will be reduced as the economy grows.
Work in Progress.
We continue to upgrade our water facilities. Since taking office several water infrastructure works have been completed. These include:
• Portmore Sewerage Reconfiguration • Major Infrastructure Development Programme (MIDP) – Marcus Garvey Drive Sewerage Pipeline Replacement • Papine (UTech) – Mona Sewerage Project; Phase 1 • Sewage & Septage Collection and Treatment Plan Spanish Town - Master Plan • Goldmine Water Supply • Hyde Road to Campbell Pipeline Replacement
Additionally, the Water Sector Policy was submitted to Cabinet for approval as a white paper in late 2016. This policy sets new service targets and outlines improved arrangements for service delivery.
National Housing Trust contributors saw interest rate reduced to one per cent. For the very first time, minimum wage earners are now capable of owning their own home.