Bridging the Budget Gap - Phillips outlines measures to raise $19b in new taxes - Lead Stories - Jamaica Gleaner - Friday | May 25, 2012

Bridging the Budget Gap - Phillips outlines measures to raise $19b in new taxes - Lead Stories - Jamaica Gleaner - Friday | May 25, 2012: "FINANCE MINISTER Dr Peter Phillips has asked Jamaicans to "make a covenant" with its Government as a precursor to growth and development.

Phillips made the appeal yesterday as he piled on $19.3 billion in new taxes, while at the same time asking for the country's "understanding and support" in what he describes as a "critical time".

"They read in the press where countries that are far more developed are falling into disorder and crisis. I am certain that none of them want Jamaica to sink," Phillips said.

To fund his $612-billion package, Phillips is to collect revenue - tax and non-tax - in the amount of $334.8 billion. He is also seeking to raise $251 billion in loans, and is projecting deficit spending of just over $19 billion."

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