Saturday, November 25, 2023
Jamaica Tourism Minister, Hon. Edmund Bartlett, has announced that from fiscal year to date, the Tourism Enhancement Fund (TEF) has collected approximately $5.6 billion.
This represents an impressive growth of 13.54%. This is in comparison with the same period last year and a remarkable 15.68% increase in comparison with the corresponding period in 2019.
These funds are generated through the US$20 fee for incoming airline passengers and the US$2 fee for cruise passengers, directly contributing to the Consolidated Fund.
Projections for the full fiscal year, spanning April 2023 to March 2024, are equally promising.
The TEF estimates a total collection of approximately $9.3 billion. This is signaling a robust 14.98% increase over the last financial year and a substantial 14.89% rise in comparison with 2019.
The TEF is on a record path for this fiscal year and is now projected to bring $9.3 billion to Jamaica’s revenue. It is 1.2 billion more than the last fiscal year.
That represents almost 15% more than their best year, 2019, said Bartlett.
This positive news aligns with the recent economic report from the Planning Institute of Jamaica (PIOJ).
This revealed about 1.9% growth in the economy during the July–September 2023 quarter in comparison with the same period last year.
Notably, the hotel and restaurants industry experienced a notable real value-added growth of eight percent during the quarter.
The tourism industry, a vital contributor to this economic growth, continues to flourish with increased foreign national arrivals.
For the mentioned quarter, stopover visitor arrivals surged by 5.5% to 682,586 visitors.
While cruise passenger arrivals experienced a modest decline of 20.5%, totaling about 178,412 visitors in comparison with the corresponding quarter in 2022.
The tourism industry continues to make positive contributions to GDP expansions in the economy.
The 10th consecutive quarter of growth was realized, in fact, in the 3rd quarter of this year. At that time tourism’s contribution to GDP was 7.8%.
This positive trend is not only in terms of direct contribution to GDP as the PIOJ reports reflect. But is also in terms of direct revenue that goes into the consolidated fund, said Bartlett.
As Jamaica positions itself as a global tourism hub, these financial achievements underscore the confidence and support the TEF receives from both visitors and industry stakeholders.
Dr. Carey Wallace, Executive Director of the Tourism Enhancement Fund, expressed enthusiasm over the positive trajectory.
The seamless growth in their collections is a testament to the resilience and appeal of Jamaica as a premier tourist destination.
The funds generated will contribute significantly to the ongoing development and enhancement of their tourism sector and Jamaica in general.
The TEF, established under the TEF Act, derives its revenue primarily from the Tourism Enhancement Fee. It stands at US$20 for incoming airline passengers and US$2 for cruise passengers.
In 2017, the Tourism Enhancement Fund (TEF) transitioned from a self-financing entity to a budget-funded entity. This resulted in several changes to the financial reporting framework.
The TEF has the responsibility to collect the fees for all chargeable passengers by air or sea and to ensure it is paid directly to the Consolidated Fund.
Additionally, TEF also manages the funding to the organization provided through the estimates of expenditures. Ministry of Finance & the Public Service monitored this.
They dedicate funds to supporting and financing various tourism projects aimed at enhancing Jamaica’s tourism sector.
Saturday, April 27, 2024
Saturday, April 27, 2024
