Tax breaks for small businesses and a billion dollars for creatives. Those are some of the highlights from the PNP's opening budget presentation in Jamaica.
It's an election year, so we already expected the Opposition to use their budget presentation to lay out their plan. And that's exactly what Opposition Spokesman on Finance Julian Robinson did on Thursday.
He's calling it the 4E strategy: Energy, Efficiency, Emerging Economies and Education.
Starting with education, they're planning to introduce the EASE programme, which stands for Ensuring Adequate Sustenance for Education. This would give every needy student one nutritious meal per day at school. They also have a long-term plan to include breakfast.
And if you’re thinking “doesn’t PATH already do that?” Yes, but EASE would feed hungry students even if they don't qualify for PATH.
Meanwhile, recent graduates with student loans would have an extra six months to find a job before they have to start repaying.
Moving on to energy, Robinson said high electricity costs are one of the biggest drawbacks of doing business in Jamaica.
The PNP wants more renewable energy, and will incentivise wind and solar. They also plan to introduce multiple new independent power producers and allow large consumers to contract power directly from generators.
Now to Emerging Economies. The PNP wants to give a three-year break from Corporate Income Tax for Micro, Small and Medium-sized businesses. They may even extend it to five years.
And, Robinson said they plan to establish a 1 billion dollar Creative Economy Support Fund to support small creative businesses to become export ready enterprises to help tap into new markets.
Opposition leader Mark Golding will make his budget contribution on Tuesday, so hit that follow button because I'll be covering.
And that’s the bottom line.
What was the highlight of Julian Robinson’s presentation for you? Let me know in the comments.
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