President of the Jamaica Manufacturers and Exporters Association (JMEA), Kathryn Silvera, has expressed optimism in response to Prime Minister, Dr. the Most Hon. Andrew Holness’ 2026/27 Budget presentation in the House of Representatives in March.

She commended the Government’s long-term rebuilding agenda in the aftermath of Hurricane Melissa, describing it as “visionary and forward-thinking”.

The JMEA President pointed to several positive measures in the Budget that promise relief for businesses, particularly micro, small, and medium-sized enterprises (MSMEs), including the extension of the corporate income tax filing deadline by one month, a move she anticipates will “improve administrative consistency across all tax obligations”.

Another measure she welcomed was the introduction of a temporary accelerated capital allowance for qualifying expenditures between January 1, 2025, and December 31, 2026, enabling businesses to benefit from faster tax depreciation.

Ms. Silvera also welcomed the allocation of 20 per cent procurement support for MSMEs, noting its significance given that small businesses account for roughly 70 per cent of the JMEA’s membership.

“What that means is that for all government procurement, there should be 20 per cent reserved for micro, small, AND medium businesses. They also said that they would provide some hand-holding training, technical assistance for MSMEs to allow them to understand how to register onto the procurement platform. So, I think that is something that’s a very big takeaway,” she told JIS News.

Meanwhile, Ms. Silvera expressed hope that the Bank of Jamaica’s national electronic Know Your Customer (eKYC) platform will be launched during the current fiscal year, initiating the streamlining and standardisation of account-opening procedures.

“Hopefully, that will also extend to business accounts, particularly for MSMEs, with a more seamless process for switching banks and an accessible website to compare fees such as loan charges and foreign exchange rates, because that allows them to shop a little bit better for themselves,” she explained.

Ms. Silvera also highlighted the Government’s responsiveness to stakeholder feedback on the Special Consumption Tax (SCT) for sweetened non-alcoholic beverages, noting the decision to impose a levy of 22 cents per gram of added sugar rather than a flat tax on sugary drinks.

She cautioned that manufacturers may need to reformulate products with less sugar to align with the Government’s drive for a healthier society.

Ms. Silvera posited that failure to act could lead to higher consumer prices through the levy, risking reduced sales and harming overall business performance.

The President further noted that the Government engaged with stakeholders and agreed to maintain the environmental levy base for manufacturing at 75 per cent of sales, rather than moving to the proposed 100 per cent.

“This is a very meaningful achievement… that the Government did listen to the stakeholders and took our recommendations, considered them and incorporated them positively. So that, to us, demonstrates a willingness by policymakers to listen,” Ms. Silvera stated.