分类： business

KINGSTON, Jamaica — Jamaica’s National Housing Trust (NHT) has moved to reassure stakeholders that its recently expanded cash refund policy will not negatively affect the agency’s financial operations or liquidity. The policy shift, which took effect in July of last year, extends cash reimbursement eligibility to all qualified contributors, including private-sector employees and self-employed individuals.

Dwayne Berbick, Assistant General Manager for Corporate Communications and Public Affairs, clarified the financial implications during a recent JIS Think Tank session. He emphasized that the revised approach merely alters the disbursement mechanism without impacting the Trust’s fiscal planning. “These refunds represent customer-owned funds that the NHT temporarily holds and invests primarily in mortgage and construction portfolios,” Berbick explained. “The agency anticipates these disbursements and maintains full capacity to process all valid claims without operational constraints.”

The policy democratization eliminates the previous preferential treatment for public-sector workers, who previously enjoyed exclusive access to cash refunds. Other contributors previously received automatic credits toward their mortgage balances. Berbick characterized the change as primarily administrative: “This represents a shift in disbursement method rather than additional financial exposure. These funds would have reached customers regardless—either as mortgage credits or direct cash payments.”

The NHT encourages eligible contributors to utilize their online portal for streamlined processing, noting that refund claims for 2018 contributions can be submitted year-round from any location. This digital-first approach aims to enhance accessibility while maintaining processing efficiency during expected application surges.

Kingston-based real estate brokerage different Capital is introducing an innovative ‘shell apartment’ model to address Jamaica’s escalating housing affordability crisis. This approach involves delivering structurally complete residential units with unfinished interiors, allowing buyers to customize and complete their homes according to personal preferences and budgetary constraints.

According to Deputy CEO Gary Matalon, the finishing component of traditional developments represents 30-40% of construction costs, escalating to 40-50% of the final sale price after developer markups. This substantial cost burden has effectively priced many Jamaican families out of the housing market.

The shell model strategically eliminates developer margins on high-value finish items including tiles, cabinetry, plumbing fixtures, and electrical installations. Purchasers receive a completed structural shell with installed windows, external doors, electrical panel with rough wiring, and plumbing infrastructure for kitchen and bathroom areas. Homeowners then assume responsibility for floor finishes, wall and ceiling treatments, cabinetry, closets, and interior partition walls where applicable.

Matalon emphasized that this concept appeals across multiple income segments, noting that while shell units are commonly utilized in affordable housing globally due to significant savings, the higher end of the market also values customization and cost efficiency. The company is currently evaluating studio, one-bedroom, and two-bedroom configurations across various locations, with pricing ultimately dependent on land cost and density.

Although the shell model isn’t novel to the region—with strong precedents in China where over 90% of purchased houses are reportedly unfinished—Jamaican buyers have traditionally preferred turn-key solutions. However, Matalon believes current affordability challenges will stimulate demand for alternative approaches.

The company is actively pursuing land targets and anticipates providing specific project updates in the near future. different Capital also acknowledges potential applications beyond residential properties, citing Jamaica’s historical use of shell spaces in commercial real estate development.

Jamaican luxury chocolate brand Likkle More Chocolate has achieved remarkable international recognition, securing five prestigious awards at the UK-based Academy of Chocolate Awards. The brand, founded by acclaimed pastry chef and artisan chocolatier Nadine Burie, demonstrated exceptional craftsmanship across multiple categories in the global competition that celebrates the world’s finest artisan chocolates.

The award-winning selections included a Gold medal for their innovative Pink Peppercorn 70% cocoa chocolate bar. The collection further earned Silver recognition for the Scotch Bonnet Pepper 70% cocoa variety, along with Bronze medals for three distinct creations: Fresh Ginger 70% cocoa, Signature Dark Terroir 70% cocoa, and Thyme & Orange Peels 70% cocoa. All products are crafted using all-natural, bean-to-bar production methods that highlight Jamaica’s unique culinary heritage.

The formal awards ceremony is scheduled for March 20 at London’s iconic Fortnum & Mason department store, where winners will be honored during an evening celebration from 6:30 PM to 9:30 PM local time.

Burie expressed both pride and gratitude through her social media channels, stating: “We’re proud and honored to announce that once again, five of our artisan bars have been recognized at the prestigious International Academy of Chocolate Awards.” She particularly emphasized the crucial role of local cocoa growing partners, noting: “We would like to raise a glass to our fantastic cocoa growing partners, at the heart of this incredible journey.”

The chocolatier further elaborated on the significance of these awards, explaining they represent not just recognition of quality but also celebrate the resilience of Jamaican agricultural partners who overcame particularly challenging weather conditions. Burie highlighted the “invaluable benefits of direct trade” and shared passion for Jamaican terroir as fundamental components of their success formula, describing these elements as the company’s “super powers.” She concluded by acknowledging the broader support system that has contributed to their achievement.

Jamaica’s government has enacted a significant reform to its corporate tax collection schedule, advancing the filing and payment deadline to April 15 annually in response to a formal warning from the nation’s fiscal watchdog. The legislative amendment, detailed in the 2026 Fiscal Policy Paper, moves the company profits tax deadline from March to provide enhanced fiscal stability and earlier revenue visibility.

The policy shift originates from a February 2025 assessment by the Independent Fiscal Commission (IFC), which identified a critical structural vulnerability in Jamaica’s revenue framework. The commission’s Economic and Fiscal Assessment Report highlighted that excessive reliance on tax inflows during the final two weeks of March created substantial fiscal deviation risks with minimal opportunity for in-year adjustments.

This reform addresses what experts termed a ‘concentration risk’ where a significant portion of annual income tax collections traditionally arrived in the fiscal year’s closing fortnight. Under the previous schedule, any revenue shortfall during this critical period would jeopardize legally binding fiscal targets, including Jamaica’s commitment to reduce public debt to 60% of GDP by 2027/28.

The revised timeline offers dual advantages: corporations gain additional breathing room for final payments, alleviating cash flow pressures, while the government acquires earlier insights into revenue performance. This enhanced visibility enables more timely policy adjustments should collections deviate significantly from projections.

Notably, this administrative reform does not constitute a tax increase or alter statutory rates. Instead, it represents a strategic recalibration of the fiscal calendar to strengthen economic resilience. The timing proves particularly relevant given current economic headwinds, including recovery efforts from Hurricane Melissa that have created additional downward pressure on fiscal performance.

Within Jamaica’s rules-based fiscal framework that projects total expenditure of approximately $1.441 trillion for FY2026/27, this adjustment demonstrates how structural reforms can sometimes outweigh revenue measures in safeguarding economic stability.