Category Taxation in Jamaica

Jamaicans Oppose Withdrawl Tax

May 1, 2014 Taxation in Jamaica

Withdrawl tax in JamaicaKINGSTON – Strong opposition has arisen in Jamaica to a newly proposed tax on withdrawals from ATMs and banks.

Over the last week several professional groups and politicians in Jamaica have come forward to voice their stern opposition to a new government proposal to tax all withdrawals from financial institutions, including cash withdrawals from ATMs, with some groups even going so far as to call on the government to drop the proposal entirely.

The government is currently proposing that all financial transactions and encashments of up to JMD 1 million should be subject to a 0.1 percent tax to be paid by the financial institution, a measure which could raise as much as much as JMD 2.25 billion per year.

In response to the proposal, which was first raised on March 24th, the spokesperson...

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Tax Changes to Boost Jamaica’s Economy

October 31, 2013 Taxation in JamaicaTaxation in South America

JamaicaKINGSTON – Jamaica may soon implement several significant changes to the national tax system in the hopes of reversing the country’s four decade trend of slow economic growth.

On October 29th the Minister of Finance and Planning of Jamaica Peter Phillips tabled two new Acts in national Parliament detailing several proposed changes to the country’s tax legislation, as part of the government’s wider efforts to improve the overall efficiency of the national tax system.

According to the Minister, the current tax system in Jamaica does not adequately support the national economy, and is partially to blame for the lack of any significant economic growth over the last forty years.

Peter Phillips explained that the tax incentives currently being offered to businesses lead to the misallocation of t...

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Jamaica Commended for Tax Progress

August 27, 2013 Taxation in Jamaica

Jamaica 20 dollarsKINGSTON – The government of Jamaica is making praiseworthy progress to making the country’s tax system more efficient, simpler, and broader.

Last week the International Monetary Fund (IMF) issued a new press release, detailing the results and conclusions of its assessment into Jamaica’s headway towards improving the economy and tax system.

The IMF praised the government of Jamaica for the moves being made to improve tax collections, noting that “… several legislative amendments have been adopted to bolster tax administration, and the resources of the large taxpayers office have been increased.”

It was also acknowledged that the government of Jamaica is taking steps to implement new legislative measures to broaden the tax base and to secure the country’s fiscal position over the long ...

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Tax Hikes Cause Uproar in Jamaica

February 14, 2013 Taxation in Jamaica

JamaicaKINGSTON – Jamaica could soon introduce a series of tax hikes, despite the proposal being met with strong opposition from members of the national Parliament.

As part of the government’s ongoing efforts to raise overall revenues, on February 12th the Minister of Finance of Jamaica Peter Phillips made an announcement during a debate at the House of representative revealing several proposed tax changes aimed at raising an extra JMD 15.9 billion in tax revenues per year.

Amongst the changes announced by the Minister is a hike to stamp duties from 3 percent to 4 percent, an increase to dividend taxes from 10 percent to 15 percent, and the expansion of the General Consumption tax system to include telephone calls and fees paid at ship ports.

Companies with gross incomes exceeding JMD 500 000 w...

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Jamaica Turning to Whistleblowers to Find Tax Evaders

May 3, 2011 Taxation in Jamaica

To denounce tax evadersLate last week the government of Jamaica revealed several new measures that it will take in order to cut down the high levels of tax evasion in the country and the extent of the national underground economy.

During the reveal of the 2011 – 2012 budget for the government of Jamaica on April 28th, the Minister of Finance Audley Shaw announced that the government would be taking an increasingly tougher stance on tax evasion, with several new measures to be implemented in the near future.

The first of the initiatives came into effect on May 1st, when the government opened an anonymous phone service which allows Jamaican citizens to submit information about other people and businesses who might be evading their tax obligations...

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