TheWorld Travel and Tourism Council has said the direct contribution of Travel
& Tourism to GDP was JMD100.0bn (7.6% of total GDP) in 2011, and is forecast
to rise by 2.7% in 2012, and to rise by 3.6% pa, from 2012-2022, toJMD146.0bn
in 2022 (in constant 2011 prices
In 2009,
under the hotel incentives law, Jamaica recorded capital investment of J$19.3
billion that build 10 hotels - representing 724 new rooms. Resort incentives
also secured J$162 million of investment in four properties that added 43 rooms
to the inventory.
The relevant concession period.
7. (1)
Subject to the provisions of this section the relevant concession period shall,
as respects an approved hotel enterprise or an approved extension of any hotel,
be ten years.
(2) The
Minister may by order declare to be a special development area for the purposes
of this Act any area defined in such order.
(3) It
shall be lawful for the Minister by order made under subsection (2) to specify
the relevant concession period, being
not less than eleven nor more than fifteen years, in respect of an approved
hotel enterprise or an approved extension of a hotel in a special development
area defined in such order.
(4) No
amendment of an order made under subsection (2) which reduces the number of years
specified in such order shall apply in relation to any hotel enterprise or any extension
of a hotel which was declared to be an approved hotel enterprise or an approved
extension of a hotel, as the case may be, before such amendment came into force.
(5) The
Minister may by order declare that the relevant concession period in respect of
an approved hotel enterprise relating to a convention type hotel specified in
such order shall be fifteen years.
8. Persons entitled to benefits.
8. The
benefits of sections 9 and 11 shall be enjoyed by -
(a) any
company which is for the time being the owner or tenant of the premises comprising
any hotel in relation to which an order under section 3 or under section 4 has been
made, whether or not such company is the operator or is entitled to receive any
profits arising from the operation of such hotel; and
(b) any
company which, not being the owner of such hotel, operates it in accordance
with an agreement made between itself and the owner or tenant and certified by
the Minister tobe acceptable for the purposes of this Act:
Provided
that a company which is approved, recognized or declared for the purpose of any
of the enactments specified in the First Schedule shall not be entitled to such
benefits.
9. Income tax benefits.
9. (1)
Any company to which section 8 applies shall be entitled to relief from income
tax in respect of profits or gains arising or accruing during the relevant
concession period, from the approved hotel enterprise, of an approved extension
of any hotel, of which it is the owner, tenant or operator.
(2)
Notwithstanding anything in the law relating to income tax initial allowances
shall not be made in respect of assets acquired, in relation to an approved
hotel enterprise or an approved extension of any hotel, prior to or during the
relevant concession period.
(3)
During the relevant concession period annual allowances shall not be made.
(4)
After the expiration of the relevant concession period annual allowances may be
made upon the original cost of the assets less the allowances, if any, made
before the beginning of the relevant concession period.
(5) Any
company which enjoys relief from income tax by virtue of the provisions of subsection (1) may, for the purpose of the
assessment of income tax, carry forward in respect of the first six years of
assessment after the expiration of the relevant concession period, losses which
were incurred during the relevant concession period and were not written off,
so, however, that the annual allowances referred to in subsection (4) of this section
and the amount of any loss admitted under paragraph (h) of section 13 of the Income
Tax Act, shall be taken into account.
(6) For
the purposes of this section the profits or gains arising or accruing from or
the losses incurred in relation to or the value of any approved extension shall
be determinedin such manner as may be prescribed.
UHY
Dawgen can assist you with the following issues:
Ø
Strategic
business advice, including business valuations, optimum financial structure,
development strategy, management incentive schemes and exit strategies
Ø
Selling
your business, including preparation, valuation, packaging and marketing the
business to potential investors, negotiation, tax minimisation and investment
planning
Ø
Going
public, including pre-listing advice, preparation of business models, business
valuations, selection of the appropriate market and finance options
Ø
Mergers
and acquisitions, including selection of the target, initial approaches,
assessment and/or due diligence, heads of agreement, timetable and planning,
raising finance.
UHY
Dawgen operates from 4 strategic locations in Jamaica.There are five easy ways
to contact us. Simply call, email, fax, write or just stop by.
Head Office - Kingston
Unit
34, Winchester Business Centre, 15 Hope Road,
Kingston
10, Jamaica, West Indies
Telephone:876-9084007/7542074/
9064827
(International No.USA)
937-7-DAWGEN(937-7329436)
Fax:7540380
Email:info@dawgen.com
BRANCHES
§ Montego Bay,St. James
Shop
EU6, Whitter Village, Ironshore, St. James
Telephone:
876-876-9533793/953-8486 Fax: 953-3058/7540380
Email:infobranch@dawgen.com
§
Ocho Rios, St.Ann
Shop
C1, 101Main Street, Ocho Rios, St.Ann
Telephone:
974-5373/9748772 Fax: 754-0380
Email:infobranch@dawgen.com
§ Mandeville, Manchester
Shop L1 & K1,Grove Court Plaza, 16 Park
Crescent, Mandeville, Manchester
Telephone:
962-6369 Fax: 754-0380 Email:infobranch@dawgen.com
UHY
Dawgen is a member of UHY, an international association of independent
accounting and consulting firms, whose organising body is Urbach Hacker Young
International Limited, a UK company. Each member of UHY is a separate and
independent firm. The services described herein are provided by UHY Dawgen and
not by Urbach Hacker Young International Limited or any other member of UHY. Neither Urbach Hacker Young International
Limited nor any member of UHY has any liability for services provided by other
members
There are some countries of the world like Jamaica which provides the benefit from the hotel incentives act if someone builds hotel. Thanks for sharing such kind of information.
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