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The Government is warning that it will employ stiff tax penalties to fill the shortfall which will be revealed in the next Budget presentation in April.
Prime Minister Bruce Golding says there are sectors of the society that can pay taxes, but are not doing so and he says they will be targeted.
"You can't be a person buying a $40-million town house with three swimming pools, yet still when we check, you are not on the tax roll," he said.
"This can't be fair for the man or woman earning $4,000 per week who found out that PAYE is drawn from his/her little pittance."
The prime minister was speaking last evening during a Jamaica Labour Party (JLP) Area Council Two meeting in the North East St Catherine constituency represented by Gregory Mair.
Mair is one of three JLP MPs with dual-citizenship cases pending in the court.
Worldwide problem
Golding told persons in attendance that the current financial problem is worldwide and that its effect is worsening.
Citing the bauxite sector among the worst hit, he said Jamalco is the most efficient alumina company in Jamaica but, it too, is under pressure.
Only hours before his address, Golding had a high-level meeting with bauxite sector leaders to look at the future of Jamalco. However, last night, the prime minister reserved comments on the meeting, saying further talks would be held.
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