New Taxes for Jamaica | UHY Dawgen Chartered Accountants Blog
New revenue measures in Jamaica
General Consumption Tax measures
- Inclusion of the telephone calls tax (TCT) as part of the GCT base – $1.3 billion to be earned
- Inclusion of all fees and taxes paid at the ports (environmental levy, CUF/CAF, CET and ASD) as part of the GCT base – $1.5 billion to be earned
- Amendment to the GCT Act to account for GCT on the face value of prepaid vouchers/airtime – $200 million to be earned
[All to be implemented March 1, 2013]
Income tax measures
- Increase the tax on dividends payable to residents to 15 per cent – $800 million to be earned
- Imposition of surtax on the taxable income of large ‘unregulated companies’ – $1.2 billion to be earned
- Increase in the education tax rate – $2.8 billion to be earned
[All to be implemented April 1, 2013]
Trade (border) tax measures
- Application of a Customs Administration Fee (CAF) on all imports (except for charitable organisations, bauxite sector – $1.2 billion to be earned
[All to be implemented April 1, 2013]
Other revenue enhancement initiatives (including compliance measures)
- Increase the local stamp duty rate and transfer tax (on properties) – $2 billion to be earned
- Amendment to the fee and gross profit structure for betting, gaming and lotteries – $1.5 billion to be earned
รก Reform of the property tax rate regime and initiate measure to increase low property tax compliance rate – $3.4 billion to be earned
[All to be implemented April 1, 2013]
General Consumption Tax measures
- Inclusion of the telephone calls tax (TCT) as part of the GCT base – $1.3 billion to be earned
- Inclusion of all fees and taxes paid at the ports (environmental levy, CUF/CAF, CET and ASD) as part of the GCT base – $1.5 billion to be earned
- Amendment to the GCT Act to account for GCT on the face value of prepaid vouchers/airtime – $200 million to be earned
[All to be implemented March 1, 2013]
Income tax measures
- Increase the tax on dividends payable to residents to 15 per cent – $800 million to be earned
- Imposition of surtax on the taxable income of large ‘unregulated companies’ – $1.2 billion to be earned
- Increase in the education tax rate – $2.8 billion to be earned
[All to be implemented April 1, 2013]
Trade (border) tax measures
- Application of a Customs Administration Fee (CAF) on all imports (except for charitable organisations, bauxite sector – $1.2 billion to be earned
[All to be implemented April 1, 2013]
Other revenue enhancement initiatives (including compliance measures)
- Increase the local stamp duty rate and transfer tax (on properties) – $2 billion to be earned
- Amendment to the fee and gross profit structure for betting, gaming and lotteries – $1.5 billion to be earned
รก Reform of the property tax rate regime and initiate measure to increase low property tax compliance rate – $3.4 billion to be earned
[All to be implemented April 1, 2013]
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