List of Reduced Taxes – Revenue Measures Ministry Paper 2019/2020

A number of measures to reduce taxes in Jamaica were announced today.  In summary:

  • Abolition of the Minimum Business Tax
  • Abolition of the Asset Tax payable by non-financial institutions
  • Replacement of all ad valorem Stamp Duty payable on any instrument pursuant to the Stamp Duty Act, including the granting of security as collateral for loans, with a specific (flat rate) stamp duty of $5,000 per document
  • Increase in the General Consumption Tax Threshold to $10 million up from $3 million
  • Increase in the Transfer Tax threshold applicable to the estate of decreased persons to $10 million, up from $100,000
  • Reduction in the rate of Transfer Tax payable on the transfer of property to 2.0%, down from 5.0%

Find below in full the Ministry Paper outlining the Revenue Measures for FY 2019/2020.

 

Related Post: How to Calculate the Savings from Reduced Stamp Duty and Transfer Tax

See also: Financial Year 2019/2010 Budget Debate Schedule

Download: 2019-2020 Revenue Measures.

Read the budget speech of the Minister of Finance and the Public Service here

For more about the budget including documents, click here