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FINANCE Minister Dr Nigel Clarke has said that there will be no new taxes for a fifth consecutive fiscal year, while sidestepping calls for a reduction in the fuel tax in favour of targeted intervention to help the most vulnerable cope with the rising cost of energy."It is also a fact that the price of unleaded petroleum has risen by almost 50 per cent in the last 12 months," Clarke outlined. The price of oil surged further on Tuesday, after US President Joe Biden announced a ban on imports of Russian oil causing worries that global supplies would be disrupted.After Biden's announcement of the Russian oil ban, the price of a barrel of US crude rose 3.6 per cent to settle at US$123.70. Brent crude, the international standard, rose 3.9 per cent to US$127.98. Both grades are selling for the highest prices since 2008."The Government recognises that many Jamaicans are suffering from this significant increase in price," Clarke outline. "As such, we will establish a special provision, in the amount of $2 billion, to provide targeted support to those who are most adversely affected, and who have the least ability to absorb the impact of high gas and energy prices," he added.The minister argued that such an intervention will "provide relief to taxi operators, who have fixed fares, and some towards providing transportation support to children on PATH [Programme of Advancement Through Health and Education]". He added that the Government will dialogue with stakeholders on the best methodology for allocation of this support with the details to be announced shortly.Clarke also indicated that the Government will be pushing a programme to have Jamaicans switch to electric-powered vehicles to help reduce the countries dependence on oil.As part of encouraging Jamaicans to purchase electric vehicles, Clarke told the House that the Government will reduce the import duty on electric motor vehicles from 30 per cent to 10 per cent, for an initial five-year period, while "exempting the annual registration fees on battery electric vehicles".He said the Government earned $27 million in duties from the importation of electric vehicles last year adding that the reduced taxes on that type of transportation will see the country forgoing $18 million on current volume of imports."However, because duties on motor vehicles are such a huge part of Government revenues, we will need to limit the number of electric vehicles being imported that benefit from this duty reduction to 1,000 per annum," Clarke told the House. The measure is to be implemented in the first quarter of the upcoming fiscal year with Prime Minister Andrew Holness to provide further details in his budget presentation next week.Clarke had argued that raising taxes now would go counter to his push to have the economy recover in the quickest possible time."This is the seventh consecutive fiscal year where, on a net basis, we have not raised taxes...and this is the fifth consecutive fiscal year where there will be absolutely no new taxes," he told the House of Representatives, during the debate on the 2022/23 Estimates of Expenditure.After a noisy ovation from Government members who turned out in their numbers to lend support, Clarke told the House that the Government was aware that oil prices had hit the highest level in more than a decade, due to the war in Ukraine. However, he rejected proposals to reduce the Special Consumption Tax (SCT) on fuel.He noted that several individuals, including members of the Opposition, had advocated for a removal of part or all of the additional $7 per litre SCT that was placed on petrol by the People's National Party (PNP) Administration in March 2015. The SCT on fuel ranges between $37 and $38 per litre.Clarke also pointed out that in his budget presentation in March 15, 2015, the then Minister of Finance Dr Peter Phillips announced a $7 per litre increase in the SCT on petrol to yield $6.4 billion to pay for the oil hedge and to compensate for the loss in revenues of lower price of oil.He said that of the $6.4 billion earned from the higher SCT during the 2015/16 fiscal year, $3.3 billion was paid to overseas bankers for a series of hedging contracts, covering 8 million barrels of oil over an 18-month period. Jamaica's consumption of oil over that 18-month period was projected at 24 million barrels of oil."Though they only spent $3.3 billion, out of $6.4 billion, no hedging contracts were purchased after June 2015. There was no separate fund. These proceeds went into the Consolidated Fund (Budget) and the contracts all expired worthless," Dr Clarke stated."The Government of the day needed additional tax revenues. And, believe me, I understand that. We have given back multiples of the $6.4 billion raised in 2015," Clarke said, noting that since assuming power in 2016, the current Administration has pursued a path of giving back billions of dollars to the Jamaican people, and has not imposed any net new taxes.He said that rather than undo the so called hedge tax, which was not used solely for this purpose, the Administration decided to raise the threshold for income tax, resulting in 350,000 Jamaicans paying no income tax."Is we do that! That is a giveback of over $30 billion per annum," Clarke explained, noting that since April 2017 Jamaicans have been relieved of an aggregate of $150 billion in personal income tax."In the two years since, Jamaicans have benefited by $28 billion from that giveback. When the other side raise their voices, become heated, and attempt to claim a moral high ground on this issue, I want you to ask them a simple question: What have you ever given back to the Jamaican people? Where is your giveback? It simply doesn't exist," he said.