Asset Tax in jamaica

WHAT IS ASSETS TAX?
This is a Tax on Assets of companies and other specified institutions
WHAT ARE ASSETS?
Assets are the resources owned by the company for use in earning profit

FOR LEGAL PURPOSES
THESE INCLUDE:
♦  Estates or interest in land
♦  Equipment, furniture, machinery, plant and other movables
♦  Outstanding balances on  loans and advances made by a company
♦  Cash in hand and in bank

WHEN IS IT PAYABLE?
It is payable on or before September 1st of each year.
The first Declaration of Assets should be made within fifteen (15) months after the date of Incorporation of the
company
WHAT IS A DECLARATION OF ASSETS?
This is the annual statement showing the gross value of a company’s assets.  A declaration must be made even if the company is not trading or making a profit.
WHICH COMPANIES ARE LIABLE TO DECLARE THEIR ASSETS?
Every company formed and registered under the Companies Act, every existing company, and companies incorporated overseas and having place of business in Jamaica must declare their assets.  However, companies that possess a license granted by the Minister of Finance are not liable to declare their assets.

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