Find A Way To Facilitate The Seamless Transition Of Businesses Operating Informally To The Formal Economy- Wynter
Governor of the Bank of Jamaica (BOJ) Brian Wynter says it was in the country’s best interest if more businesses are regularized, taxes collected and that a way be found to facilitate the seamless transition of businesses operating informally to the formal economy.
A very good way to start, is to try to make it easier for them to do business, Mr. Wynter said adding that it was important that persons understand the benefits that come along to being regularized, noting that it is a major plus for sustainable economic growth.
The BOJ Mr. Wynter noted has been on a drive to promote a Financial Inclusion Strategy which enables the “under banked” to better undertake and grow business activities, save safely in the financial sector, manage risks and build financial security.
Ultimately, financial inclusion helps to promote economic growth and reduce poverty and income inequality, he said, while noting that it will contribute to Jamaica’s transformation from a middle income country, to one which affords its citizens high standards of living.
Mr. Wynter, was responding to questions at the BOJ’s quarterly press briefing at the Hilton Rose Hall Hotel in Montego Bay on Friday May 19,