The expiration of benefits under the Junior Market of the Jamaica Stock Exchange which was slated to take effect at midnight last night is no longer in effect.

This follows the statement by Finance Minister Audley Shaw that the five year tax break offered to newly listed companies would remain in effect despite the announcements by the previous administration.

Addressing the Private Sector Organization of Jamaica (PSOJ) President’s Forum earlier this week, Shaw indicated that he has given instructions to maintain the Junior Stock Exchange, effective April 1.

Shaw says he remains firmly committed to the expansion of the Junior Stock Exchange in Jamaica, which has already given access to equity capital to dozens of growing businesses in many sectors including manufacturing.

The Finance Minister says “preserving it will mean that this can continue for only a negligible fiscal cost, while creating new streams of investment and job creation”.

Quoting a report on the Junior Stock Exchange, Shaw noted that while profits tax was foregone, businesses were expanded and deductions have grown significantly.

Launched by the Jamaica Stock Exchange (JSE) on April 1, 2009, the Junior Stock Exchange was designed to encourage and promote investment in Jamaica’s entrepreneurship, employment and economic development.

It allows investors to put capital into legitimate small and medium-sized companies (SMEs), whose shares trade on a special JSE platform.

The Junior Market was established as a result of the collaborative efforts of the Government, the Board of the JSE, the Financial Services Commission and Steering Committee composed of key stakeholders.