Independent Fiscal Commission, 2021

The status of this Finance Bill has not changed in the last 0 years, 6 months, and 2 days.

Overview

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:

  1. Strengthen the Fiscal Responsibility Framework of Jamaica;
  2. Broaden the scope of oversight and frequency of reporting fiscal policy and fiscal management;  
  3. Encourage the performance of independent macroeconomic assessments with a view to sustain fiscal discipline;
  4. Establish an independent Fiscal Commission to be the expert of Jamaica fiscal rules; and thus
  5. Monitor and maintain Jamaica’s adherence to the country’s fiscal responsibility laws.

Introduced: 12/01/2020

First Tabled: 12/01/2020

Status: Passed

Introduced by:

Dr. The Hon. Nigel Clarke, MP

St. Andrew North Western (JLP)

Educational Video

Timeline

Mar, 2021

Royal Assent Received

This followed on the tabling and passage of the Bill in the Senate on February 12, 2021.

Feb, 2021

Passed

Feb, 2021

Third Reading

Feb, 2021

Report Stage

Feb, 2021

Committee Stage

The Bill was considered by a Committee of the Whole House after second reading.

Feb, 2021

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.

Jan, 2021

First Reading

Dec, 2020

Proposed/Introduced

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