Wray and Nephew

The Lab, coming to a broker near you

NCB Capital Markets is readying a number of new public share issues to come to market by the summer this year.
Numbered amongst them are, The Lab that styles itself as a fully integrated 100 percent Jamaican born and bred advertising agency with global reach and an island swagger. “We are a strategic, creative, passionate solutions oriented and no nonsense group with a heavy emphasis on getting stuff done.” Kimala Bennett is the company’s Managing Director. Clients include National Commercial Bank, JPS, Wendy’s, Dominos, Supreme Ventures, Wray and Nephew, Grace Kennedy, Caribbean Broiler and Digicel. Persons in the know say this is one of those IPOs to plan for, it unique and profitable. QWI Investments is another that NCB Capital Markets is readying to take to the Jamaica Stock Exchange main market by early summer.

Kimala Bennett, Managing Director of The Lab.

Another that will be coming to market is Sagicor Select Funds Limited an Exchange Traded Fund. According to a note in the Sagicor Group audited financial statements, “It is the intention of the company to apply to the Board of the Jamaica Stock Exchange for admission of the shares to trading on the main market if subscriptions of at least $5 billion are raised.”
The above will come on top of the current public offer of Wigton Windfarm that opens next week to raise $5.5 billion, earmarked to be paid over to the government after expenses associated with the offer.

Jamaica’s company taxes jump 23%

Corporate taxes continue to be a star performer for Jamaica government revenues, having increased their input by a strong 23 percent over forecast, to February.
According to the government fiscal report, businesses paid $34 billion in corporate taxes to February or just over $6 billion more than projected. In spite of that level of performance, PAYE contributed more in taxes, at $48 billion even as government raised the threshold to $1.5 billion for individuals and cutting around $25 billion in the individual tax bill.
Corporations will be making big payments in March that should hike the amount they will pay for the fiscal year to be well ahead of the February figure. The forecast at the start of the fiscal year, was for a total take of $50.6 billion compared to $46 billion for 2016. The forecast for 2018/19 is for an intake of $63.9 billion or an increase of 26 percent over the 2018 forecast. If the trend for the just concluded fiscal year holds to March, the projected increase for the new fiscal would be just around $3 billion.

Scotia Group to contribute most to 2017/18 corporate taxes

Other areas performing well above budget projections include, Travel taxes up by 12.5% to $17.5 billion, GCT on local goods and services 4.8 percent to $83 billion, Education taxes up 6 percent to $24 billion and special consumption taxes on local goods up 10 percent to $26 billion.
Listed companies will contribute around $21 billion to the corporate tax take for the just concluded fiscal year according to data taken from financial statements. The bulk of the listed companies’ contribution will come from Scotia Group with $5.7 billion, NCB Financial $5 billion, Sagicor Group $2.9 billion, Carreras just over $1 billion, Grace Kennedy around $1 billion, JPSCo and JMMB Group just under $1 billion. Other billion dollar contributors should include Desnoes and Geddes and Wray and Nephew.