The Government of Jamaica has announced an increase in the General Consumption Tax (GCT) exemption threshold from $10 million to $15 million for micro, small and medium-sized enterprises (MSMEs).

Minister of Finance and the Public Service, Hon. Fayval Williams, in opening the 2025/26 Budget Debate in the House of Representatives on March 11, said the change is aimed at supporting the growth and development of small businesses.

Mrs. Williams said the latest figures from the Small Business Association of Jamaica (SBAJ) show that there are an estimated 422,000 registered small businesses in Jamaica, generating 80 per cent of the jobs in the Jamaican economy.

“This means 1,136,240 persons in our workforce are employed by MSMEs,” the Finance Minister noted.

In addition, the Minister said the Government has allocated $2 billion to support MSMEs.

“[The sum of] $2 billion is in the Budget for the Development Bank of Jamaica (DBJ) to allow them to continue to facilitate sustainable growth of start-ups and MSMEs, and to continue to support women-led initiatives, entrepreneurship training, including digital skills bootcamp,” she outlined.

The DBJ is a public body in the Ministry of Economic Growth and Job Creation that channels financing to MSMEs, as well as large projects, to facilitate economic growth and development.

“It will continue to pursue innovative means of mobilising funding and leveraging private-sector investment and expertise through its venture capital programme, as well as public-private partnerships and privatisation transactions,” Mrs. Williams said.

The Development Bank of Jamaica (DBJ) has been allocated $2 billion in the 2025/26 Estimates of Expenditure to support funding to the micro, small and medium-sized enterprise (MSME) sector.

Minister of Finance and the Public Service, Hon. Fayval Williams, made the disclosure while delivering the opening presentation in the 2025/26 Budget Debate in the House of Representatives on Tuesday (March 11).

“It (the DBJ) will continue to pursue innovative means of mobilising funding and leveraging private-sector investment and expertise through its venture capital programme, as well as public-private partnerships and privatisation transactions,” she informed.

Mrs. Williams noted the Government’s commitment to the MSME sector, which includes an estimated 422,000 registered small businesses, generating 80 per cent of the jobs in the economy.

Approximately 1,136,240 persons are employed by MSMEs.

The Minister acknowledged that there are several issues facing the sector, including lack of equitable access to financing, high interest rates and cumbersome requirements for opening bank accounts.

“Small business owners have said to me that opening a bank account for their business is difficult. They feel there’s no difference between the requirements for them as MSMEs, as opposed to a very large institution,” she noted.

She pledged to work with Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, to reduce the requirements for the entities to open bank accounts.

The Finance Minister noted, further, that Government will be increasing the General Consumption Tax (GCT) exemption for small businesses from $10 million to $15 million.

By: Donique Weston JIS

Jamaica is being touted as a prime destination for high-value agricultural investments.

Minister of Agriculture, Fisheries and Mining, Hon. Floyd Green, highlighted that the country is at a pivotal stage in its transformation, pointing out that the Ministry’s key objectives are to drive investment, expand trade, and strengthen food security.

“To achieve this objective, the nation must collaborate with its international partners,” he told members of the Diplomatic Corps on Wednesday (March 12).

Minister Green said Jamaica, having seen a declining debt-to-GDP ratio and myriad other positive economic outcomes in recent years, is well positioned to take advantage of global opportunities.

He was speaking during a Ministerial Briefing at the Ministry of Foreign Affairs and Foreign Trade in downtown Kingston, which formed part of activities marking Diplomatic Week 2025.

Mr. Green said while Jamaica currently benefits from several trade arrangements with its regional partners, the Government wants to expand the global footprint in trade and investment.

“What we want to see from my Ministry’s perspective [is] how we can leverage these arrangements to do much more. As such, we want to work with you (the diplomatic corps) to drive trade expansion, to reduce market barriers and to facilitate direct connections with importers and distributors so that we can expand our exports,” the Minister outlined.

He added that there are significant investment opportunities and win-win proposals for Jamaica and its partners.

“Now is the time for high-value agricultural investment, right here in Jamaica. Things that we produce in Jamaica are sought after all over the world. As such, we do believe there are significant opportunities now in agro processing,” Mr. Green said.

The Minister emphasised that one area now ripe for investments is orchard crop farming.

“We do have land available for investment in orchard crops. In fact, we’ve developed our first ever mango orchard, or mango agro park, where we invite private-sector investors to come in and establish 50-acre blocks of mango farms. That is going well. In fact, we’ve already established about 200 acres. We want to establish another 300 acres in this financial year,” the Minister outlined.

Mr. Green also touted opportunities in livestock farming and the dairy industry, noting that Jamaica is looking to leverage partnerships in this area.

“We want to facilitate greater bilateral discussions between you and your home countries with Jamaica’s agricultural sector around investment… around connecting investors with local projects that can accelerate economic growth,” he told the diplomats.

Mr. Green pointed out that Jamaica’s collaboration with its international partners has been instrumental in advancing the nation’s economic agenda.

By: Donique Weston, JIS

Photo: Yhomo Hutchinson

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, says he wants to see more micro, small and medium-sized enterprises (MSMEs) listed on the Junior Market of the Jamaica Stock Exchange this year.

He also urged MSMEs to take advantage of the recent amendment of the Income Tax Act, which allows companies to raise up to $750 million during an initial public offering, an increase of $250 million.

Senator Hill, who was addressing Wednesday’s (January 15) post-Cabinet press briefing at Jamaica House, reasoned that the aim is to build companies that can compete not just in Jamaica but regionally and internationally.

“Two of our biggest companies have big companies in the United States – Grace and Jamaica Broilers Group. More than 50 per cent of Jamaica Broilers Group’s income comes not from Jamaica but from the United States, where they own a lot of companies,” he said.

Senator Hill shared that trade data show that between 1960 and 2021, negative trade balances were recorded in 60 of the 61 years.

A positive trade balance was only recorded in 1966.

“Unless we go and find new markets for our products and services and new markets for investments to come into Jamaica, we’re not going to be the rich country that we have to be,” he said.

“I want the private sector in Jamaica to realise that there are tremendous opportunities, as Jamaica is not the same country it was 10 years ago. Lots of people are making money the right way.

We want more and more Jamaicans to invest and we have 20 agencies in my ministry alone to work with you,” Senator Hill appealed.

For her part, Minister of Finance and the Public Service, Hon. Fayval Williams, said the Government is committed to facilitating further growth of the MSME sector.

“We believe that this will positively impact the MSME sector, as it will broaden the scope for more MSMEs to benefit from the suite of incentives afforded. Further, the increase will provide room for these companies to raise capital and improve productivity. This policy is in recognition of the pivotal role that MSMEs play in driving economic growth while promoting and encouraging local entrepreneurship,” Mrs. Williams said.

The 48 companies currently listed on the Junior Market benefit from a range of tax incentives that include conditional relief from income tax payments, exemption from transfer tax and stamp duty on transfer of shares.

The Junior Market had a market capitalisation of $148.5 billion as at the end of December 2024, having started with $785 million in 2009.

By: Judana Murphy,JIS

In light of evolving global trade dynamics and recent trade tensions involving the United States (US), Jamaican businesses are being strongly encouraged to proactively diversify their markets, exploring both regional and international opportunities.

Senior Director, Regulations, Policy, Monitoring and Enforcement at the Jamaica Special Economic Zone Authority (JSEZA), Ainsley Brown, has highlighted the United Arab Emirates (UAE) as a particularly promising market for Jamaican exports.

Mr. Brown was delivering a presentation at the Business Acceleration Centre (BAC) Accelerator Series, at the Terra Nova All-Suite Hotel in Kingston, on Thursday (February 6).

He emphasised the importance of thinking outside the box and embracing new possibilities, stating, “We live in extraordinary times, so you may need to be doing extraordinary things”.

Mr. Brown pointed to the remarkable growth in exports from Jamaica to the UAE, which surged by more than 5,000 per cent between 2021 and 2022.

Furthermore, Jamaica has narrowed its trade deficit with the UAE by 54.18 per cent, demonstrating significant progress in bilateral trade relations.

While acknowledging that the UAE currently exports more to Jamaica than vice versa, Mr. Brown underscored the potential for further growth.

He noted the success of Jamaican products in the UAE market, particularly coffee and hot pepper sauce.

“We went there; we have tested the market… . We were giving away samples of our products… . We had to restrict how much hot pepper sauce we gave out,” Mr. Brown said.

“It wasn’t just Jamaicans coming in and buying; it was people from all types of ethnic groups… people that never tried the Jamaican hot sauce, tried it, and came back the next day to buy more,” he added.

Mr. Brown also highlighted the demand for other Jamaican products, such as seasonings and canned ackee, while noting that Jamaica is exporting waste oil to the UAE for use in other processes.

He said that many exports to the UK and EU ultimately find their way to the UAE through informal channels.

As a result, he urges businesses to “cut out the middleman” and directly target the UAE market to maximise profits and fully capitalise on the growing demand for Jamaican products.

This call to action comes at a crucial time as businesses seek to mitigate risks associated with trade uncertainties in traditional markets.

Mr. Brown noted that the UAE offers a lucrative and receptive market for Jamaican goods, pointing out that proactive engagement can lead to significant economic benefits for Jamaican businesses.

By: Andrew Laidley, JIS