Think Tank
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January 2015
Open Government p 10 Data Renewable Energy in the Caribbean
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legislation tracking
current structural p 15 benchmarks
Creating Wealth p6 through the Jamaica Logistics Hub
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a publication by the Caribbean Policy Research Institute
The Caribbean Policy Research Institute: Taking Responsibility The Caribbean Policy Research Institute (CaPRI) is a not-for-profit, public policy think tank dedicated to the provision of impartial, evidence-based knowledge to inform economic and social policy decisionmaking in Jamaica and the wider Caribbean. An institution like CaPRI is a first for the region and is the legacy of the Taking Responsibility: The Jamaican Economy since Independence Project (JEP). Between 2004 and 2006, JEP engaged a network of researchers in a comprehensive interdisciplinary inquiry into Jamaica’s economic performance since independence in 1962. The demand for high quality, evidencedbased research generated by JEP led to the institutionalization of CaPRI in 2007. “In order to prescribe a course of treatment that would put the economy back on a path of sustained long-term growth, it [is] necessary to conduct a detailed diagnosis. Persuaded that the Jamaican economy had, on balance, performed poorly since independence, the architects of the Project sought to identify where successes and failures had taken place, and set about trying to draw lessons from them which could guide future understanding and action.” The statement above represents the key guiding principle of the JEP and has continued to guide the direction and quality of CaPRI’s research over the years. The Institute works to promote informed dialogue on socio-economic development, intended to achieve a vision for a Caribbean in which decision-making in public policy and the private sector is based on relevant information grounded in evidence. Policymaking by informed decision-makers in the presence of a knowledgeable public is expected to improve the quality of decision-making made in the public interest. The conviction is that better public policy will promote inclusive, sustainable economic growth and improved human development. The institute is, therefore, designed to address policy gaps by the following means: • Anticipating critical upcoming policy decision-making junctures • Executing applied, relevant, multidisciplinary research • Engaging policy-makers in a non-partisan dialogue • Translating research findings and recommendation into knowledge accessible by the public The Caribbean Policy Research Institute is pleased to report that we continue to fulfil our functions as the Caribbean’s “Think Tank”. We continue to take responsibility while empowering the region to do the same.
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The Caribbean Policy Research Institute (CaPRI)
Chairman’s
message
A look at the breadth, quantity and quality of CaPRI’s publications over its eight year life demonstrates that CaPRI has satisfied one part of its goal—that of producing high quality evidenced based research to guide public policy. Its work has been funded and embraced by multi-national agencies, the regions private sector, regional governments and central banks. Our work has directly influenced many public policy decisions. The public debt crisis in many Caribbean countries, and how to avoid its reoccurrence, the prevention of the debilitating effect of theft of metal for export particularly from utility companies, why the bailout of failed Ponzi schemes was not necessary to preserve social stability despite the loud public outcry and why a revision of solvency legislation could help preserve both physical and human capital are but a very tiny sample of the diversity our research output.
seminars” to get both the public in general and the movers and shakers of society to understand the benefits to good governance that flow from evidence based research and demanding fact based answers to difficult policy questions. The resolution of the region’s major problems, the reduction of crime and violence, good and relevant education for all, effective and fair policing and justice systems, the eradication of corruption and the overarching requirement of economic growth all hinge on workable decisions based on fact and reason. CaPRI has much work to do and as we thank you for your support we ask that you help us maintain your Caribbean Policy Research Institute.
Despite these successes CaPRI remains dissatisfied at the many critical public policy decisions that are not underpinned by evidence based research. CaPRI has, therefore, sought through its many “open to the public meetings” and smaller “invitees only
message from the directors 4
The Caribbean Policy Research Institute (CaPRI)
CaPRI was established to fill a void for independent, high quality information relevant to public policy decision-making. This mission was articulated in the belief that a better informed policy-maker is more likely to make better policy; and a better informed public would demand it. CaPRI’s Think Tank newsletter is one of the primary means by which we provide timely, important information on national issues in an easily consumable and engaging format. The overwhelmingly positive response to it that we have received tells us that we are meeting our mandate. I hope you enjoy this anniversary issue and keep Think Tank on your reading list.
CaPRI’s Year in Review Launch of Publications
Opposition Senator Nigel Clarke (left), Mr. Dennis Chung (second left), President of the Institute of Chartered Accountants and CEO of Private Sector Organization of Jamaica(PSOJ), Ms. Altricia Dawson, Research Officer at the Caribbean Policy Research Institute and Dr. Christopher Tufton, Co-Executive Director of CaPRI having a discussion at the launch of CaPRI`s paper on Fiscal Rule.
Dr. Damien King (right), Co-Executive Director of the Caribbean Policy Research institute (CaPRI) hands a copy of the “Think Tank”, CaPRI`s quarterly newsletter to Dr. Peter Phillips, Minister of Finance in Jamaica at an IMF private meeting hosted by CaPRI at the Regional Headquarters of the University of the West Indies in collaboration with the Gleaner and Jamaica National Building Society (JNBS).
Dr Christopher Tufton, Co-Executive Director of the CaPRI, makes a presentation to the board meeting of the Jamaica Chamber of Commerce. Seated beside him is the late Francis Kennedy, former President of the Jamaica Chamber of Commerce.
Dr. Damien King, Co-Executive Director CaPRI hands a copy of the “Think Tank”, CaPRI`s quarterly newsletter, to Dr. Omar Davies, Minister of Transport and Works in Jamaica at an IMF private meeting hosted by CaPRI in collaboration with the Gleaner and JNBS
From Left to right: Dr Christopher Tufton, Co-Executive Director, CaPRI, Hon. Anthony Hylton, Minister of Industry Investment and Commerce in Jamaica, Suzanne Ffolkes-Goldson, Deputy Dean, Faculty of Law, University of the West Indies, Dr Damien King, Co-Executive Director, CaPRI, Ms Hillary Reid, Chair of the PSOJ Committee on Insolvency and William Baghaloo, Accountant, Price Waterhouse Coopers.
CaPRI’s Regional Conferences on Renewable Energy (RE) Project– Project Funded by the EU and UWI Speakers at the renewable energy conference in Granada: Mr. John Auguste (left), Head of Department/ Senior Energy Officer, Energy Division, Ministry of Energy), Mr. Ahmin Baksh (second left) Planning and Engineering Manager of GRENLEC, Mr. Russ Fielding, Owner – True Blue Bay Resort, Dr Damien King (right), Co-Executive Director of CaPRI.
Presentation by Mr. Mark Dennis, CaPRI’s Project Officer for the Renewable Energy Project Attendees at the St. Kitts Workshop on Renewable Energy (RE).
Contribution from the German Technical Cooperation (GTZ) representative in Grenada, Mr. Dieter Rothenberg
Left to right: Dr Tufton, Co-Executive Director, Caribbean Policy Research Institute, Mr Ernie Stapleton, Nevis Island Administration’s Permanent Secretary in the Ministry of Communications, Works, Public Utilities, Posts, Physical Planning, Natural Resources and Environment, Assistant Permanent secretary, Paul Lloyd, Lenrick Lake, Ministry of Housing, Public Work, Energy and Public Utilities in St. Kitts, Janet Bedasse, Workshop Coordinator, Mr Calvin Cable (podium), Executive Director of the St. Kitts and Nevis Chamber of Industry and Commerce.
The Caribbean Policy Research Institute (CaPRI)
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Creating Wealth through the
Jamaica
Logistics Hub The development of Jamaica’s Logistics Hub (JLH) has been touted as the next major driver of economic growth in Jamaica. A logistics hub is a regional cross-docking point where products from multiple supply sources arrive and are sorted and delivered in accordance to the needs of the destination points. Logistics hubs create value by reducing the costs associated with the transportation, storage and distribution of goods from producer to consumer, thereby improving competitiveness of firms. Studies conducted by the World Bank in 2007 and 2010 indicate that countries at the same level of per capita income, with the most efficient logistics hubs, experienced an additional 1% growth in GDP. By exploiting the complementarities of interconnected businesses and suppliers, logistics hubs increase the productivity of companies, drive innovation and stimulate new businesses in the field. Examples can be drawn from countries such as Singapore and the United Arab Emirates (Dubai) to show how logistics hubs have provided the catalyst to the economic growth envisioned by Jamaican policy makers. Experiences in these locations indicate that the efficient operation of the core and creation of ‘spin-off’ industries requires critical institutions to support the entire cluster by providing the specialized human and informational resources needed to operationalize the hub. The core typically represents a relatively small number of specialized firms that have the ability to facilitate a large number of supported and related industries. These ‘spin off’ industries can then create large numbers of additional jobs. Logistics hubs, however, can only generate wealth if the right types of firms and entities are mobilized to operationalize the hub core, and if new firms arise and/or existing firms expand and exploit the potential for related ‘spin-off’ industries. Success depends on satisfying certain pre-conditions.
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The Caribbean Policy Research Institute (CaPRI)
Logistics hubs create value by reducing the costs associated with the transportation, storage and distribution of goods from producer to consumer, thereby improving competitiveness of firms.
Pre-conditions include a strategic location, development of the necessary infrastructure and creation of free zones and business parks. Other pre-conditions that could be considered for the success of a logistics hubs include political stability and policy continuity, the availability of appropriate human capital, efficiency in administrative processes, and an investment-friendly business environment.
The Jamaican economy is competitively positioned in a number of ways including: its location as a junction of global trade corridors; physical infrastructure that facilitates sea-sea, seaair and air-air connectivity; and trainable workforce. Jamaica’s tradition of democracy also enhances the business climate. The government’s commitment to stability was viewed as a cornerstone of the ability of the Singaporean and Dubai logistics hubs to attract and keep the firms needed to operationalize the hubs. This means that there needs to be a degree of trust in the political system and that the long-term national vision extends beyond party lines. This is an area in which Jamaica performs poorly. Possible reasons for the low levels of trust include favouritism in decisions of government officials and the low levels of transparency of government policymaking. Furthermore, while Jamaica is strategically positioned to take advantage of the wealth creation that logistics hubs afford, the country is not at the place where a logistics hub will automatically create national wealth. This is for a number of reasons including the fact that Jamaica does not currently specialize in the areas of service provision typically associated with logistics operations, and also, the country has one of the worst records amongst the countries being compared in attracting foreign direct investments inflows to the sectors critical to the logistics hub core. Factors such as low productivity and lags in certain areas that are critical to business performance are also likely to reduce the effectiveness of the logistics hub. Other hindrances to the development of a logistics hub as a growth catalyst include corruption, crime, corporate taxation, lack of competitive technologies and the high cost of energy.
In order to take advantage of the distinct benefits of the country’s location, physical infrastructure, planned economic zones and business parks, the Government of Jamaica (GOJ) has to first ensure that success is not solely dependent on these benefits. This is because 1) locational advantages may be overstated; 2) use of Special Economic Zones (SEZs) to offer economic incentives as a means of attracting companies may prove risky as other countries can offer better incentives and lure companies away; and 3) creating an economy where the benefits of the SEZs are contained only within the SEZ may come at the cost of balanced and sustained national development. Instead, efforts should be made to establish linkages between firms operating within the logistics hub and other firms in the economy. Focus should also be placed on improving the general business environment. The GOJ therefore needs to begin looking at the people and processes needed to make the Jamaica Logistics Hub successful. To do this, comprehensive reform programmes are needed, as opposed to focusing on addressing isolated issues.
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legislation tracking Stamp duty and transfer tax
Revenue Appeals Department
Adopt legislative amendments to remove stamp duty and transfer tax to encourage the use of Collective Investment Schemes (CIS)
Table legislation related to the establishment of the Revenue Appeals Department as a separate, independent entity, with IFC support – Deadline October 2014
Passed in both Houses of Parliament
Tabled in Lower House. Expected to be debated in early January 2015
Minimum Business Tax Pass permanent legislation for the Minimum Business Tax by December 2014
Validation Bill to be tabled in early January 2015
Special Economic Zone
Procurement Adoption and effectiveness of the Procurement Act by January 2015.
Cabinet approved drafting instructions
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A White Paper on the Special Economic Zone Act that is expected to be passed by October 2015 that will ensure compatibility with WTO requirements is to be issued – Deadline February 2015
Work in ProgressReferred to the GASC by Cabinet. Now expected to be completed by February 2015
The Caribbean Policy Research Institute (CaPRI)
Fiscal Agency Agreement BOJ and MOFP to finalize a Fiscal Agency Agreement on debt management operations and debt issuance process
Deadline endJanuary 2015
Property tax Have Property tax reform ready for implementation by start of FY2015/16. This includes amendments to the Property Tax Amendment Act, the Land Valuation Amendment Act, and the Tax Collection Amendment Act – Deadline end-March 2015
Work in progress – draft amendment Bills prepared
Open Government Data: A Catalyst for Jamaica’s Growth and Innovation Agenda
Open Government Data (OGD) has emerged as a progressive approach to issues of fiscal transparency, public sector efficiency and job creation. OGD refers to government data and information that has been created or commissioned by a public entity which is made accessible for public use and reuse. The international thrust for government departments and agencies to publish public data online for the public to easily access firmly positions OGD as an integral component and enabler of progressive governance. This initiative has been propelled by growing consensus that data created by public funds should be publicly accessible and freely reusable, both from the standpoint of economic efficiency and civic equity. Over 40 countries at different stages of development are pursuing open data policy actions to influence social, political and economic change as several studies underscore the economic potential for open data. Furthermore, given the global importance of OGD, the GOJ has a significant opportunity to capitalize on the current wave of interest from multi-lateral agencies such as the World Bank. Given the importance and topical focus on the GOJ’s current IMF-led economic reform program, the degree of attention to new policy initiatives will likely be a function of their relevance to the Memorandum of Economic and Financial Policies (MEFP) framework – the document that articulates what is popularly referred to as “the IMF programme”. Open Government Data as a policy initiative demonstrates tangible linkages to this program in several ways. For example, the government is committed to improving the efficiency, quality, and cost effectiveness of the public sector. The OGD experiences in other countries have demonstrated significant economic, political and social benefits in realizing increased efficiency in public services, largely through more effective inter-agency coordination/data sharing across government, consolidation of overlapping data repositories and better financial controls. Spending on social services will also as access to better quality information can aid in ensuring that targeted social groups benefit from the requisite social programmes. In general, open data has been demonstrated to be a catalyst for innovation, one of the critical imperatives for the growth agenda under the MEFP. The contribution of OGD to the success of the MEFP can also be assessed by looking at how open data affects key sectors within the economy, namely education, agriculture and tourism.
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Benefits of Open Data in Education Majority of the benefits of open data in the education sector can be derived from of improved efficiency in system administration, improved instructions and improved transparency in education financing. Substantial economic value will also be derived from effectively matching students to programs and matching students to appropriate employment. In the Jamaican context, a modest estimate of the potential economic value of open data to the education sector ranges between J$2.1 and J$2.9.
Table 1: Open Data in Education – Levers (Drivers) Category
Levers (Drivers)
Efficiency & Effectivenes
• Efficient system administration
Participation & Collaboration
• Matching students to programs • Matching students to employment.
Transparency
• Improved instructions. • Transparent education financing.
Table 2: Open Data in Agriculture – Levers (Drivers) Category Efficiency & Effectivenes
Levers (Drivers) Improved logistics in the agricultural sector to mitigate spoilage, surplus and shortages. • Improved analysis of agricultural information to inform policy. • Enhanced access to geospatial information. • Open meteorological data. • Efficiency in the delivery of Extension Services.
Participation & Collaboration
•Data accuracy, currency, scale, completeness.
Transparency
• Open access to business information to support farmers and retailers. • Reduction in the theft of agricultural products.
Creation of New Services & Businesses
• Agriculture innovation ecosystem. • Software Development and Services.
Benefits of Open Data in Agriculture The agricultural sector forms an important part of Jamaica’s productive capacity, contributing on average 6.5 percent of GDP over the period 2010-2012. As of 2012, the value added in the agricultural sector was J$75 billion. There are several documented inefficiencies in the agricultural sector which open data implementation can significantly reduce. One major issue is the effectiveness of access, analysis and delivery of business information to key stakeholders (both information providers and information consumers). Other challenges related to agriculture include data accuracy, currency, scale, precision, and completeness. A modest 10 percent improvement in Jamaica’s agricultural value added, due to productivity gains facilitated by the levers identified, could contribute approximately J$ 10 billion to Jamaica’s GDP. Benefits for Open Data in Tourism Tourism is an important economic activity for most Caribbean Islands, due largely to the perceived availability of free resource inputs: sand, sea and sun; the potential to earn foreign exchange and provide jobs; and the economic stimulus that it provides through linkages with other sectors (construction, agriculture, transportation, manufacturing, etc.). Tourism contributed over J$109billion to GDP in 2013 and created employment opportunities approximating to 23 percent of the country’s labour force in the same year. Tourism also attracted 11 percent of total investments in 2013. Therefore, implementing mechanisms to improve the efficiency and effectiveness in this sector has the potential to significantly impact GDP growth. Avenues through which open data policy initiatives can improve the sector include: Increased visibility and clientele for smaller tourism operators; Enhanced tourism product information and diversity of choices for discriminating tourists; improved quality of service delivery in support services such as transportation, entertainment and merchandising. Open data provides the basis for awareness, choice and improved service delivery between the prospective tourist and operators. For the tourism sector, increased access to public data can be used to build the domestic market, for example, providing digitised cultural heritage information instantaneously on any mobile device. Open data also presents opportunities to increase linkages between tourism and other sectors such as agriculture, craft and sports. Improvements in productivity in the tourism sector as a result of open data are expected to range between 1 and 10 percent. A 1 percent improvement in productivity in the tourism sector will improve revenues by approximately J$ 2.37 billion. Similarly, a 10 percent improvement in the tourism sector can contribute over J$ 23.71 billion to the sector.
Table 3: Open Data in Tourism – Levers (Drivers) Category
Levers (Drivers)
Efficiency & Effectivenes
• Improved quality of service delivery in support services. • Enhanced tourism product information. • Enhanced Market analysis
Participation & Collaboration
• Increased linkages. • Empower Community Tourism interests.
Transparency
• Increased transparency in the allocation.
Creation of New Services & Businesses
• Increased visibility and clientele. • Enable product development and market access. • Innovation opportunities for software developers.
The Open Government Partnership / Open Data Readiness Assessment The global importance of Open Data to economic growth and its specific contribution to the efficiency of key sectors have been significant factors in the rapid emergence of the Open Government Partnership (OGP) – a high-level multilateral and multi-stakeholder forum to encourage open government initiatives. The partnership has already secured commitments from over sixty governments. However, Jamaica and the wider English-speaking Caribbean have largely been missing from this international coalition. Trinidad & Tobago is the only country in the region, thus far, to have signalled its intent to join this new multilateral initiative. The World Bank, an active proponent of open data initiatives and the Open Government Partnership, have already funded Open Data Readiness Assessments in Antigua and St. Lucia and has included Jamaica as one of its target countries for this assessment. The GOJ, therefore, has an opportunity to signal a strong intent and commitment to the Open Government Partnership and to capitalize on these funded initiatives by creating an OGD policy. This process should commence with an assessment of what government data should be made public, what are the best practices in making government data public and how to implement Open Data policy.
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Frameworks, Policies & Instruments
for Mobilizing Renewable Energy (RE) in the Caribbean The Caribbean energy situation is characterised by heavy reliance on imported fossil fuels, centralised system planning and in some cases, limited outreach to rural areas. The energy system in Caribbean countries tends to be small and isolated, each country having its own centralised system with no or minimal potential for interconnection and very limited storage capacity. Furthermore, the dependence on fossil fuel based generation plants for over 90% of the region’s electricity makes the region’s economies highly vulnerable to the volatile international oil market. The centralised nature of many countries’ energy system tends to limit the supply of energy in rural areas. Yet, it is within regional policy makers’ grasp to combat import dependence and rural electrification through increased utilisation of the region’s abundant indigenous renewable energy (RE) resources. The reasons for the present state of energy systems in the Caribbean are complex and diverse; however, it is clear that sustained RE diffusion in the region will rely on sound economics and heavy involvement of the private sector. Sound economics is required since those Caribbean countries that would benefit most from increased energy independence and energy access, are not in a position to subsidize RE implementation. Involvement of the private sector is also needed as governments and public utilities cannot drive the development of renewable energy alone, due to: • Lack of awareness regarding the real costs and benefits of renewable compared to fossil fuel-based technologies, in particular for energy supply in rural areas; • Lack of capacity to identify and assess potential projects; and • Lack of resources to dedicate to developing or procuring the necessary capacities to identify and assess projects and to successfully solicit local or international funding. CaPRI’s renewable energy programme “Frameworks, Policies & Instruments for Mobilising Renewable Energy (RE) in the Caribbean” has the overall objective of enhancing private sector investment in renewable energy (electricity in particular) in the Caribbean by supporting the creation of an enabling policy environment. In addition, the project aims to increase awareness and capacity within the private sector, including energy consumers, empowering them to make informed energy investment decisions.
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The objectives of the project will be executed through the creation of an RE investment database to allow persons interested in investing in renewable energy systems to determine: the size of the system required, the cost of the system, monthly payments if a loan is taken out, and what the return on the investment will be. The database also provides information on special financing available for RE investment and the relevant regulations. The project targets stakeholders from policy-making sectors, including ministries, departments and agencies responsible for energy policy development and implementation in the target countries. It also targets local private sector, households and institutions which provide financing for these sectors to invest in RE. Public sector actors will access the tools and analysis they need from the investment platform to implement appropriate policy reforms and to increase awareness and demand of the private sector and other stakeholders for RE solutions. The main activities to assist public sector actors include: • Gathering and validation of data on policies, incentives, and on the techno-economic and financial parameters associated with RE implementation in the target countries • Development of RE decision-making tools targeted to each of the two main target groups (public and private sector) • Quantitative (cost-benefit) and qualitative (benchmarking) analysis of information and data • Communication, capacity-building and awareness-raising on the basis of project activities and outputs.
The dependence on fossil fuel based generation plants for over 90% of the region’s electricity makes the region’s economies highly vulnerable to the volatile international oil market.
The RE project supports the private sector by providing free information to facilitate understanding of the energy market in their country and tools to facilitate the investment decision-making process. The platform will also serve to provide financing institutions with the tools and analysis they need to justify RE investment support. Outputs for use by the private sector include: Online Policies and Incentives Database: This is a centralised web-based database which contains all the policies and incentives applicable to renewable energy (RE) development in each target country. Potential investors can easily search the database to find what policy frameworks are in place for their RE technology in the country they are considering investing in; they can also find out what financial incentives exist in the country to support their RE investment Online Finance Database: This is a centralised webbased database containing information on available sources of financing (local and international/multi-lateral) for RE projects in each target country, whether it be for a utility-scale project for selling power or for a home-owner or business interested in producing energy for his/her own consumption. Potential investors can search the database to identify appropriate financing for their project, according to: technology type, required type of financing (loan, grant, equity, debt, hire purchase etc.) and country. In addition to providing the user with the names of the institutions that provide the required financing, it gives basic details on the terms and conditions of financing e.g.: eligible project size, max amount financeable, interest rate etc. Online Technology Screening Tool: This allows the non-expert to conduct a financial analysis of a RE application they may be considering for providing electricity to their home or business, under existing economic, financial and incentive conditions in their home country. It requires only basic specifications to be input by the user e.g. typical monthly electricity consumption and allows the user to calculate, for instance: whether the investment is viable, if so how quickly they will recoup their investment (pay-back time), the cost at which they would be providing themselves with electricity vs. buying from the grid network.
sented. Policy Analysis Tool: This allows quantitative analysis of the impact of alternative policy and financing conditions (e.g. net billing and feed-in tariff rates, loan conditions etc.) on the viability of RE systems from a private sector (investor) perspective, and allows identification of the level of support, if any, that would be needed to encourage private sector investment in RE systems. The policy analysis tool also includes evaluation of Socio-economic benefits: resulting from investment in the RE system (avoided pollution, savings on fossil fuel importation), which could be used as a justification for providing any needed support (NB: we do not advocate blindly subsidizing or financially supporting RE systems, but that the wider benefits of RE also be included in the technology analysis when determining the remuneration or tariff rate that should be accorded compared to tariffs for conventional energy generation). The ultimate beneficiaries of the project is the population of the Caribbean region. The project will be unveiled in six target countries: Jamaica, Barbados, Grenada, Guyana, Haiti and St. Kitts and Nevis – impacting the lives of over 13,734, 970 people. Through the replicability of project actions and consideration of regional aspects in project outputs, the project is expected, in the long run, to benefit the regional population by improving policies and instruments for accelerating private investment in RE. Therefore, despite the Caribbean’s energy situation which includes heavy reliance on imported fossil fuels, the newly implemented ‘online energy investment tool’ will provide commercial entities and households with the necessary assistance to successfully evaluate renewable energy systems to meet their energy needs.
The project supports policy-making sectors by providing analyses relevant to the design of policies and incentives for renewable energy. Outputs targeted towards public sector include: Case studies: Policies and initiatives that have worked in other countries of similar energy resource base, and energy-economic conditions will be collated and preThe Caribbean Policy Research Institute (CaPRI)
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Current Structural Benchmarks Incentives The TAJ will conduct an entity by entity review of all entities with grandfathered incentives and their regimes – Deadline end-January 2015
Work in Progress
Electricity Act
Work in Progress – with Chief Parliamentary Counsel for drafting
Amendments to Electricity Act to be submitted to parliament by January 2015 and become effective by end-March 2015 – Deadline end-Jan 2015
Integrated Tax Software Package Implement Phase I (Registration, GCT, SCT, GART, Telephone) of the GENTAX integrated tax software package – Deadline February 2015
On Track for February 2015 deadline
Trust Framework
Put in place a legal and regulatory framework supporting the Trust framework to hold the underlying securities for retail repos clients – Deadline December 2014
Computer System at Customs
Implement new computer system at customs (ASYCUDA) World for Kingston Port as pilot site – Deadline December 2014
Completed – Regulations executed and necessary amendments to the Securities Act passed in the Senate
Completed
Tax Administration Improve large taxpayer administration through • Increasing staff in large taxpayers office (LTO) • Increasing the number of audits completed by LTO by 100% • Achieving 95% take-up rate of e-filing and e-payment in LTO • Writing off all GCT and SCT debts categorized as uncollectible.
E-Census IEnsure that the public service databases in e-Census are up to date and covers all Ministries, Departments and Agencies (MDAs) – Deadline September 2014
Deadline March 2015
Maintenance work being done
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