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Trade, growth and capital: a case study of Jamaica
This is the first of two articles on the dynamics of the Jamaican economy over the last two and a half decades. It compares the overall macroeconomy of Jamaica in the areas of output, fiscal and monetary policy, capital formation and trade to that of Singapore and South Korea. The conclusion from the aggregate data is that government spending in the second half of the 1970?s and the first half of the 1980?s may have had a significant role in the inflationary episodes and reduced capital formation during this period. The second article will delve deeper into the details of the fiscal and ...
Taxing consumption in Jamaica
In Jamaica, as in most countries, consumption taxes in the form of a value-added tax called the General Consumption Tax (GCT) and several excise taxes collectively known as the Special Consumption Tax (SCT) are critically important revenue sources, accounting for 37.4 percent of total revenues in fiscal year 2003/04 (27.7 percent for GCT alone) and an estimated 11.2 percent of GDP (8.3 percent for GCT alone). This paper first describes in some detail the present structure and administration of the GCT and SCT and then evaluates the performance of these taxes from several angles -- as revenue ...