With the advent of the Independent Fiscal Commission Act (the “IFCA”), a Commission of Parliament will be established with the primary function of ensuring sound fiscal policy and fiscal management are adhered to by the government. Fiscal policy and fiscal management relate to laws/rules/practices that concern the revenue/taxes of the country and the government’s management of said revenue/taxes. As such, the importance of the IFCA should be understood by all Jamaicans since the government revenue/taxes affect us all – nationally (macro level) and individually (micro level).
The intention of the IFCA – as described by the Minister of Finance and Public Service, Hon. Nigel Clarke – are to:
- Strengthen the Fiscal Responsibility Framework of Jamaica;
- Broaden the scope of oversight and frequency of reporting fiscal policy and fiscal management;
- Encourage the performance of independent macroeconomic assessments with a view to sustain fiscal discipline;
- Establish an independent Fiscal Commission to be the expert of Jamaica fiscal rules; and thus
- Monitor and maintain Jamaica’s adherence to the country’s fiscal responsibility laws.
First Tabled: 12/01/2020
St. Andrew North Western (JLP)
Royal Assent Received
This followed on the tabling and passage of the Bill in the Senate on February 12, 2021.
The Bill was considered by a Committee of the Whole House after second reading.
Debate on the motion for second reading commenced on January 12, 2021, upon suspension of the Standing Orders; debate on the motion was concluded on January 19, 2021.