Finance Minister, Audley Shaw outlined in parliament Thursday how the government intends to earn the 3 point 69 billion dollars in revenue and grants it needs to help finance the budget.

This represents an 18 point 3 percent increase over the amount for the 2007/2008 budget.

Of that amount, Finance Minister, Audley Shaw says the government intends to raise 262 plus billion dollars from taxes.

That's almost 20 percent more than the 219 point 5 billion dollars raised from taxes last year.

Minister Shaw says the JLP administration expects to raise another 8 point 6 billion dollars from Bauxite Levy and 8 point 5 billion from Capital Revenue. 

More than 5 point 5 billion is being projected in grants, while non-tax revenue should amount to some 18 billion dollars.

Minister Shaw says the Government proposes to borrow $183 billion dollars to cover the fiscal deficit and amortization payments.

In the meantime, the government will be introducing a tax amnesty this new financial year,waiving the interest and penalties applicable across all tax types, once the principal sum owed is paid in full.

The announcement was made by Finance Minister, Audley Shaw in Parliament this afternoon.

He says Cabinet approved the move as a first step to relieve the burden facing tax payers.

Explaining the terms of the amnesty, Minister Shaw said that those who pay the arrears in principal in full by June 30, 2008, will benefit from a 100 percent waiver of the interest and penalties.

The Minister urged all unregistered businesses and self-employed people to come into the tax net, saying there would be no questions asked.

He warned that the government would be getting tougher on those who continue to bypass payment of their taxes.