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.
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