Business persons who now fall below the new General Consumption Tax (GCT) threshold and are to be deregistered as taxpayers, will have the option to apply to the Commissioner General to be re-registered.
This is being facilitated through amendments to the GCT Act, which were approved during Friday’s (January 24) sitting of the Senate.
Leader of Government Business in the Upper House, Hon. Kamina Johnson Smith, who piloted the Bill, informed that the amendments “are intended to give effect to the policy ensuring the voluntary registration of persons who fall below the new threshold of GCT, but who opt to remain registered taxpayers”.
Panama’s economy will expand by 4% this year on mining exports and new investments, according to Economy and Finance Minister Hector Alexander.
Government is planning public investments of $3b and an additional $2b in investments under public-private partnership deals.
A new terminal at Panama City’s international airport will open this year and the country will inaugurate a new convention center, also copper exports from the Cobre Panama mine will also help lift growth.
El Salvador’s budget deficit will narrow modestly in the coming quarters as increased spending on security and public health will partially offset higher revenue growth.
Fitch has revised up its fiscal deficit forecast for 2020 and 2021 to 3.2% of GDP and 3.0%, respectively, up from 3.0% and 2.9% previously, due to greater than expected expenditure growth in H219.
A significant slowdown in US growth poses downside risks to the forecast, as it would undercut economic activity, and thereby revenue growth, in El Salvador
It is expected that the central bank will maintain interest rates at 1.75%. Lower-than-expected inflation and weaker-than-anticipated growth since the December monetary policy gathering suggest policy makers sound a more dovish tone.
Inflation and inflation expectations are in line with the target. They are below central bank forecasts and suggest the impact from protests could be less than policy makers feared.
Economic growth is lower than central bank estimates and consistent with increasing slack. Residual headwinds from the protests and increasing uncertainty about the external and domestic economic outlooks are downside risks.
Interest rates are low and already providing significant stimulus. Higher public-sector spending reduces pressure on the central bank to continue cutting rates.
Oil prices rose for a second day on Wednesday, recouping some losses after a five-day rout on talk that OPEC could extend oil output cuts if a new coronavirus hurts demand, while data showing a decline in U.S. stockpiles helped steady prices.
Brent crude rose 35 cents, or 0.6%, to $59.86 per barrel. U.S. West Texas Intermediate crude was up 20 cents, or 0.4%, at $53.67 a barrel.
Financial markets that have been hit by the spread of the virus out of China are trying to assess the economic fallout, with the death toll rising to 132 and airlines reducing flights to China.
The Organization of Petroleum Exporting Countries wants to extend oil production cuts until at least June from March, and may deepen the reductions, should demand for oil in China be significantly reduced by the spread of the virus
S. equity futures climbed along with Europe stocks as a slew of corporate news and the Federal Reserve rates decision later Wednesday gave investors a fresh focus even as concerns linger over the deadly coronavirus. Treasuries gained with most European bonds.
Contracts on the S&P 500 index advanced after earnings beats from some of America’s biggest companies. Apple Inc. set the tone Tuesday, with sales forecasts topping estimates amid “uncertainty” caused by the virus outbreak that’s cutting retail traffic.
The Government will be providing $200 million to assist sugar-cane farmers in St. Thomas, who have been negatively affected by the closure of the Golden Grove Sugar Factory. The Golden Grove Sugar Factory was closed in 2019 by manufacturing company Seprod, which took over the business in 2009 with the hope of reviving the ailing sugar operation.
Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Audley Shaw, made the announcement during a meeting with the farmers, at the factory located in Duckenfield on Friday (January 24).
Minister Shaw noted that the funds are to be used for the planting of new crops, given that the demand for sugar cane has decreased.
He advised them to present their plans to the Rural Agricultural Development Authority (RADA), which will share those plans with the Ministry.
Minister of Science, Energy and Technology, Hon. Fayval Williams, says strategic investment is needed to advance Electric Mobility (e-mobility) in Jamaica as a path towards sustained economic growth. E-mobility refers to the development of electric-powered vehicles.
Minister Williams said that e-mobility is a national priority, as Government seeks to redefine the energy landscape “in order to achieve energy security, energy efficiency, energy resilience and greater energy investment in the country.”
Facing economic collapse and painful sanctions, the socialist government of Venezuelan President Nicolas Maduro has proposed giving majority shares and control of its oil industry to big international corporations, a move that would forsake decades of state monopoly.
Maduro’s representatives have held talks with Russia’s Rosneft PJSC, Repsol SA of Spain and Italy’s Eni SpA. The idea is to allow them to take over government-controlled oil properties and restructure some debt of state oil company Petroleos de Venezuela SA in exchange for assets
The proposal, which could offer a balm to the country’s disintegrating oil industry, is in early stages and faces major obstacles. Venezuelan laws would have to be changed, there is disagreement over how to finance the operations, and Washington’s sanctions bar any U.S. companies from doing business with the Maduro regime without a waiver.
Latin American assets slid on Monday as investors fretted over the potential economic damage of China's coronavirus outbreak, with Brazil's real touching its weakest level in nearly two months.
Risk assets around the globe were sold off, with investors fleeing to safe havens amid widespread disruptions in the world's second-largest economy. Risk-exposed emerging markets bore the brunt of the selling.
markets were locking in profits after rallying in the fourth quarter of 2019. Optimism over a Sino-U.S. trade truce, as well as an expected recovery in global growth had pushed up risk assets through the quarter.
