Jamaica: Tax measures in 2020-2021 budget

Jamaica: Tax measures in 2020-2021 budget

The Minister of Finance and the Public Service on 10 March 2020 tabled the proposed revenue measures for the fiscal year 2020-2021.


Related content

The proposed tax measures include the following:  

  • Effective 1 April 2020, the standard general consumption tax rate is to be reduced from 16.5% to 15%. 
  • Effective as of year of assessment 2020, companies with revenues of up to J$500 million will be entitled to a special income tax credit of J$375,000. 
  • Effective for the year of assessment 2021, the rate of assets tax payable by financial institutions will be reduced from 0.250% to 0.125%.    

Read a March 2020 report prepared by the KPMG member firm in Jamaica

© 2022 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


loading image Request for proposal