Jamaica Has New Tax Rates
Jamaica Has New Tax Rates
Since January 1, 2010, the new tax-free threshold for taxpayers in Jamaica is $441,168 per annum. The new higher tax on individuals earning above $5 million annually was touted by the government as a temporary measure. (The higher 27.5- and 35-percent rates are scheduled to expire at the end of Fiscal Year 2010/11, that is, by March 31, 2011.)
Other
Under new revenue raising measures introduced by the government on January 1, 2010, the standard rate of General Consumption Tax (GCT) was increased from 16.5 percent to 17.5 percent.
Additionally, since that date, a progressive tax system has been in effect as follows:
(All dollar figures are Jamaican dollars unless otherwise indicated (J$ 1 = US$ 0.0112).)
Source: KPMG
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