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Mon Oct 2, 2006
Govt coffers emptier than expected
There has been a near $900 million fall off in revenue inflows into the government's coffers.
Information supplied by the Ministry of Finance shows that at the end of August, tax inflows were $857 million below projection.
The Finance Ministry, which had projected to collect $72.9 billion in taxes between April and August, reported that it raked in a little over $72 billion.
This resulted mainly from a one billion dollar fall off in Pay As You Earn (PAYE) collection.
Collections from bauxite/alumina entities and other companies were also more than $400 million off target.
However, the reduction in collections was offset by a two billion dollar increase in inflows from tax on interest.
Mon Oct 2, 2006
BoJ losses skyrocket
Bank of Jamaica’s (BoJ) year to date losses have soared to more than one billion dollars.
The Central Bank's latest balance sheet shows total losses of $1.6 billion.
The Central Bank continues to suffer huge losses in the wake of general stability in the foreign exchange market.
This has implications for the BoJ's holding in foreign assets.
[ QUOTE ]
<font color="red">"Evidently, we lied throughout the last year and a half, two years. It was totally clear that what we are saying is not true."
"You cannot quote any significant government measure we can be proud of, other than at the end we managed to bring the government back from the brink. Nothing. If we have to give account to the country about what we did for four years, then what do we say?"
"We lied in the morning; we lied in the evening," he said.</font>
[/ QUOTE ]....Prime Minister Ferenc Gyurcsany