Jamaica Income Tax Reminder

Effective January 1, 2013 there will be an increase in the personal income-tax threshold from J$441,168 to J$507,312, also effective January 1, 2013 (This is an additional J$5,512 per month or J$1,272 per week).

Companies will also pay a reduce tax rate moving from 33.33% to 25 %. However a minimum income tax payable of $60,000 per year is in effect from January 1,2013. This is applicable to :

      1.       All companies registered at the Companies 

             Office of Jamaica, except for:

             a)      Companies in their first year of  

                    incorporation

             b)      Charities

             c)       Companies whose income is exempt 

                    under section 12 of the Income Tax Act

       2.       All self-employed individuals(eg Doctors,

              lawyers, accountants and consultants)